Indegene Limited, a notable player in the healthcare solutions sector, has revealed its intentions to commence its initial public offering (IPO) on Monday, May 6, 2024, with the bidding window extending until Wednesday, May 8, 2024. The IPO comprises a fresh issue of equity shares valued at ₹760 Crore and an offer for sale of up to 23,932,732 equity shares. Eligible investors can place bids for a minimum of 33 equity shares and can increase their bids in increments of 33 equity shares. To encourage participation from its employees, the IPO includes a special reservation amounting to ₹12.5 crore, offering a discount of ₹30 per equity share.
The funds raised from the fresh issue of equity shares are earmarked for specific purposes, including the repayment of debts of one of its principal subsidiaries, ILSL Holdings Inc, and the fulfillment of capital expenditure requirements for Indegene Inc, another key subsidiary of the company. Additionally, the proceeds will be allocated towards general corporate uses and potential inorganic growth opportunities. This strategic move is designed to support Indegene Limited in its expansion plans and to cater to its broader corporate goals in the healthcare solutions domain.
The IPO will follow the Book Building Process, in alignment with SEBI ICDR Regulations and the Securities Contracts (Regulation) Rules, 1957. Anchored by the consultations with the BRLMs, approximately 60% of the Net Offer will be reserved for Qualified Institutional Buyers (QIBs) and Anchor Investors, underscoring the company's commitment to engaging with influential market participants. Following the IPO, the equity shares are slated to be listed on both BSE and NSE, having secured in-principle approvals from these stock exchanges. Notable entities like Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, and Nomura Financial Advisory and Securities are managing this crucial step in Indegene Limited's financial journey.
This IPO represents a pivotal moment for Indegene Limited, preparing the ground for significant growth opportunities and offering a compelling investment proposition to potential shareholders. The strategic allocation of funds and meticulous planning associated with this public offering reflect the company's ambitions for sustained progress and success in the healthcare solutions landscape.