Shares of Indegene made a decent debut at the Dalal Street on Monday as the stock was listed at a Rs 659.70, a premium of 46.95 per cent over its issue price of Rs 452 apiece on BSE. Similarly, the stock kicked off its maiden session at a premium of 44.91 per cent over the same issue price at Rs 655 on NSE.
However, the listing has been less than expected. Ahead of its listing, shares of Indegene were commanding a grey market premium of Rs 300-310 apiece over the given issue price, suggesting a listing pop of 67-70 per cent for the investors. However, the premium in the unofficial market stood at Rs 250 on the last day of the bidding process.
The IPO of Indegene ran between May 06 and May 08. The Bengaluru-based company had offered shares in the range Rs 430-452 per share with a lot size of 33 shares. The company raised a little more than Rs 1,841.76 crore via its primary offering, which included a fresh share sale of Rs 760 crore and an offer-for-sale (OFS) of up to 1,68,14,159 equity shares.
The issue was overall subscribed a stellar 69.91 times. The quota for qualified institutional bidders (QIBs) was booked a whopping 197.55 times The quota for non-institutional investors was subscribed 55.07 times. The portions reserved for retail investors and employees saw bidding for 7.95 times and 6.48 times, respectively during the three-day bidding process.
Indegene is a digital services provider for the life sciences industry. The company assists with drug development, clinical trials, regulatory submissions, pharmacovigilance, complaints management, and more. It provides enterprise commercial solutions; omnichannel activation enterprise medical solutions; enterprise clinical solutions and consultancy services.
Kotak Mahindra Capital Company, Citigroup Global Markets India, JP Morgan India and Nomura Financial Advisory and Securities (India) are the book running lead managers of the Indegene IPO, while Link Intime India is the registrar for the issue.