Indegene IPO Oversubscribed 7.34 Times on Day 2

New Delhi, May 7 (PTI) The Initial Public Offer (IPO) of healthcare tech firm Indegene received 7.34 times subscription on Day 2 of bidding on Tuesday.

The Rs 1,841.75 crore IPO received bids for 21,20,23,944 shares against 2,88,66,677 shares on offer, as per NSE data.

The category for non-institutional investors was subscribed 18.02 times while the Qualified Institutional Buyers (QIBs) part fetched 5.59 times subscription. The portion for Retail Individual Investors (RIIs) received 3.82 times subscription.

The initial public offer has a fresh issue of up to Rs 760 crore and an offer for sale of up to 2,39,32,732 equity shares.

The IPO has a price range of Rs 430-452 a share.

On Friday, Indegene Ltd said it raised Rs 549 crore from anchor investors.

The OFS would see the sale of shares by existing investors CA Dawn Investments, a Carlyle group entity, Vida Trustees in its capacity as a partner of Group Life Spring, Brighton Park Capital's entities BPC Genesis Fund I SPV Ltd, and BPC Genesis Fund I-A SPV Ltd, and individual investors Manish Gupta, Rajesh Bhaskaran Nair, and Anita Nair.

At present, Nadathur Fareast Pte Ltd is the biggest shareholder in Indegene with a 23.64 per cent stake. CA Dawn Investments has a 20.42 per cent stake, and Brighton Park Capital owns a 12 per cent stake in the company.

Funds raised through the fresh issue would be used to pay debt, fund capital expenditure requirements, payment of deferred consideration for one of its past acquisitions, fund inorganic growth and general corporate purposes.

Founded in 1998, Indegene offers solutions that help enable biopharmaceutical, emerging biotech and medical devices companies to develop products, launch them in the market, and drive sales throughout their life cycle.

Kotak Mahindra Capital Company, Citigroup Global Markets India, J P Morgan India and Nomura Financial Advisory and Securities (India) are the managers to the offer.