A Closer Look
Indegene, a healthcare solutions company, launched its initial public offering (IPO) on May 4th, 2023. The price band for the IPO was set at Rs 430-452 per share, with a total offering of Rs 1,841.76 crore. This included a fresh issue of Rs 760 crore and an offer for sale of 2.3 crore shares worth Rs 1,081.76 crore. The IPO closed on May 8th, 2023.
The proceeds from the fresh issue were used to repay debt, finance capital expenditures, and support general business needs and future growth opportunities, including acquisitions. The company secured over Rs 548.77 crore from anchor investors at the upper price band of Rs 452 per share.
Analysts believe the company is fairly priced and recommend subscribing to the IPO for potential listing and long-term gains. Indegene provides services for the life sciences industry, including drug development, clinical trials, regulatory submissions, pharmacovigilance, complaints management, and sales and marketing support.
In the financial year 2023, Indegene reported Rs 2,306.13 crore in revenue with a profit of Rs 266 crore. The company has a strong track record of creating value through strategic acquisitions and offers global support to clients with its strategically located delivery centers.
Analysts at Anand Rathi highlight the company's long-standing relationships with major biopharmaceutical companies and its high recurring revenue due to the sticky nature of its solutions. Swastika analysts emphasize Indegene's consistent growth, robust client base, and well-developed technology portfolio.
Overall, analysts recommend subscribing to the IPO for listing gains and long-term potential, considering the company's strong financials, growth trajectory, and established client base.