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Indegene sets price band for ₹1,842 crore IPO, to open on May 6
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Indegene had raised $200 million from Carlyle Group and Brighton Park Capital in February 2021.
The initial public offering (IPO) of Indegene Ltd, a healthcare tech firm focused on the global life sciences industry, will open for public subscription on May 6, and will conclude on May 8. The bidding for anchor investors will open for a day on May 3.
The company has fixed a price band between ₹430 and ₹452 per share for its ₹1,842-crore IPO.
The IPO includes a fresh issue of equity shares worth up to ₹760 crore and an offer-for-sale (OFS) of up to 2.34 crore equity shares aggregating ₹1,082 crore, at the upper end of the price band, by selling shareholders. This takes the total IPO size to 1,842 crore.
The OFS would see sale of shares by existing investors CA Dawn Investments, a Carlyle group entity, Vida Trustees in its capacity as partner of Group Life Spring, Brighton Park Capital’s entities BPC Genesis Fund I SPV Ltd, and BPC Genesis Fund I-A SPV Ltd, and individual investors Manish Gupta, Rajesh Bhaskaran Nair, and Anita Nair.
Currently, Nadathur Fareast Pte Ltd is the biggest shareholder in Indegene with a 23.64% stake. CA Dawn Investments has a 20.42% stake, and Brighton Park Capital owns a 12% stake in the company.
The capital raised through the fresh issue would be utilised to pay debt, funding capital expenditure requirements, payment of deferred consideration for one of its past acquisitions, funding inorganic growth and general corporate purposes.
Indegene had raised $200 million from Carlyle Group and Brighton Park Capital in February 2021.
Founded in 1998, Indegene offers solutions that help enable biopharmaceutical, emerging biotech and medical devices companies to develop products, launch them in the market, and drive sales throughout their life cycle.
Kotak Mahindra Capital, Citigroup Global Markets India, J P Morgan India, Nomura Financial Advisory and Securities (India) are the book running lead managers to the issue.
Basis of allotment will be decided on May 9 and initiation of refunds will begin the next day. Indegene shares are expected to list on exchanges on May 13.
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