Healthcare solutions provider, Indegene Limited, has announced plans to open its initial public offering (IPO) on Monday, May 6, 2024. The bidding period will extend for three days, concluding on Wednesday, May 8, 2024.
The offer, priced between ₹430 and ₹452 per equity share, comprises a fresh issue of equity shares estimated at ₹ 760 Crore, and an offer for sale of up to 23,932,732 equity shares. Eligible investors are allowed to bid for a minimum of 33 equity shares and can increase their bids in multiples of 33 equity shares. Moreover, a special reservation for eligible employees, amounting to ₹12.5 crore, has been set aside within the IPO, featuring a discount of ₹30 per equity share.
The proceeds from the fresh issue of equity shares are said to be utilized for the repayment and prepayment of indebtedness of one of its principal subsidiaries, ILSL Holdings Inc, and for meeting capital expenditure requirements of Indegene Inc, another key subsidiary of the company. Additionally, the funds will also be used towards general corporate purposes and inorganic growth.
The much-anticipated IPO will be driven via the Book Building Process, adhering to the SEBI ICDR Regulations and the Securities Contracts (Regulation) Rules, 1957. The company, following consultation with the BRLMs, intends to allocate up to 60% of the Net Offer to Qualified Institutional Buyers (QIBs) and Anchor Investors.
The Equity shares, post-IPO, are proposed to be listed on BSE and NSE, which have already provided in-principle approvals to Indegene Limited. The IPO is managed by prominent entities such as Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, and Nomura Financial Advisory and Securities.
This public offering marks a significant milestone for Indegene Limited, positioning it for robust growth and expansion while providing a substantial investment opportunity for shareholders.
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