Indegene share price debuts strongly opening at ₹655 on NSE with a 45% premium

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Indegene made a remarkable debut on the stock exchanges today. The company’s share price opened at ₹655 per share on the NSE, which was 44.9% higher than its issue price of ₹452. Similarly, on the BSE, Indegene’s share price opened at ₹659.70 apiece, marking a 45.95% increase over the issue price.

Indegene share price debuts strongly opening at ₹655 on NSE
Indegene share price debuts strongly opening at ₹655 on NSE

Prior to the listing, market experts had anticipated the Indegene share price to open within the range of ₹740 to ₹760 per share.

The Indegene initial public offering (IPO) garnered substantial interest from investors during its bidding period. By the final day of bidding on Wednesday, May 8, the IPO was oversubscribed by 69.71 times. Qualified Institutional Buyers (QIBs) subscribed by 197.55 times, non-institutional investors subscribed by 54.75 times, and retail individual investors subscribed by 7.68 times.

The subscription period for the Indegene IPO commenced on Monday, May 6, with a price band of ₹430 to ₹452 per equity share. On Friday, May 3, the company raised ₹548.77 crore from 36 anchor investors at an upper price of ₹452 per equity share.

Indegene Limited specializes in providing digital services to the life science industry, offering solutions in medication development, clinical trials, regulatory filings, pharmacovigilance, complaint handling, and sales/marketing support.

Indegene IPO details

The Indegene IPO, valued at ₹1,841.76 crore, consists of an offer-for-sale (OFS) of 23,932,732 equity shares by selling shareholders and a fresh issue of ₹760 crore.

Various entities are selling their holdings in the IPO:

  • BPC Genesis Fund I SPV (up to 2,657,687 equity shares)
  • Manish Gupta (up to 1,118,596 equity shares)
  • Vida Trustees Private Limited (up to 3,600,000 equity shares)
  • Rajesh Bhaskaran Nair is offering up to 3,233,818 equity shares
  • Anita Nair is offering up to 1,151,454 equity shares in the IPO.
  • CA Dawn Investments (up to 10,792,650 equity shares)

The proceeds from the fresh issue will be utilized by Indegene for several purposes, including financing inorganic growth, general corporate activities, capital expenditures for both the company and its material subsidiary Indegene, Inc., as well as repayment or prepayment of debt owed by ILSL Holdings, Inc.

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

 

Indegene IPO GMP today

The grey market premium (GMP) for the Indegene IPO is currently at +307, as reported by investorgain.com. This means that Indegene IPO shares are trading at a premium of ₹307 in the grey market compared to the issue price.

Considering the upper end of the IPO pricing range and the existing grey market premium, it is anticipated that Indegene shares will debut on the stock exchange at around ₹759 per share, which reflects a substantial increase of 67.92% over the IPO price of ₹452.

Investorgain.com notes that based on the trends observed in the past 17 sessions of grey market activity, today’s IPO GMP is higher, signaling a positive listing outlook. The grey market premium ranges from ₹160 to ₹307, demonstrating investors’ willingness to pay above the issue price for Indegene shares. The grey market premium serves as an indicator of investor sentiment and readiness to invest at elevated levels compared to the IPO price.

 

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