Indegene IPO: Issue subscribed over 69 times on day 3, QIB and retail portion fully booked, check GMP and other details

The company provides digitally-driven commercialization services to the life sciences sector, encompassing drug development, clinical trials, regulatory filings, pharmacovigilance, complaints management, and product sales and marketing. This sector includes biopharmaceutical, emerging biotech, and medical device companies.

Also read: Indegene IPO day 3: GMP, subscription status, review, other details. Apply or not?

The Indigene IPO, totaling ₹1,841.76 crore, comprises a combination of an offer-for-sale (OFS) of 23,932,732 equity shares by the investor selling shareholder, along with a fresh issuance of ₹760 crore.

Indegene IPO subscription status

The Indegene IPO received 2,01,81,78,162 share applications on the last day of bidding against offered 2,88,66,677 shares. The issue was overall subscribed 69.91 times on the third of subscription, as per BSE data.

The allocation reserved for Qualified Institutional Buyers (QIBs) saw a subscription rate of 197.55 times, while the portion designated for retail investors garnered a subscription rate of 7.95 times. Additionally, the segment for non-institutional investors recorded an impressive subscription rate of 55.07 times.

The employee reserved portion received 20,24,583 applications, was subscribed 6.48 times.

Also read: Indegene IPO sails through smoothly on Day 2; oversubscribed at 7.35x led by NIIs, retail investors. Check GMP

Indegene IPO details

The Indegene IPO comprises an offer-for-sale (OFS) of 23,932,732 equity shares by the investor selling shareholder, along with a fresh issue of ₹760 crore. The company has established a fixed price range of ₹430 to ₹452 per share for the public issue.

The business intends to utilize the net proceeds to fulfill the following aims: general corporate requirements, expansion through acquisitions, financing capital expenditure requirements for our company and one of its significant subsidiaries, Indegene, Inc., and settling debts owed by ILSL Holdings, Inc.

Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, and Nomura Financial Advisory And Securities (India) Pvt Ltd are the book running lead managers of the Indegene IPO. Link Intime India Private Ltd is the registrar for the issue.

Following the implementation of the ‘T+3 listing rule’, requiring shares to be listed on the stock exchange within three business days of the IPO closing, the anticipated date for share listing is May 13, 2024.

Also read: Indegene IPO: 10 key risks investors should know before subscribing to ₹1,842-crore issue

Indegene IPO GMP today

The Indegene IPO’s grey market premium (GMP) stands at +290, signaling that shares of Indegene were trading at a ₹290 premium in the grey market, as per investorgain.com.

Taking into account the upper end of the IPO pricing range and the current grey market premium, it is anticipated that Indegene shares will debut at ₹742 per share, representing a 64.16% increase over the IPO price of ₹452.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

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Published: 08 May 2024, 07:32 PM IST