Sagility India IPO: Files Draft Papers, Seeks Sebi Nod

New Delhi, Jul 1 (PTI) Sagility India Ltd, a technology-enabled services provider in the healthcare services space, has filed preliminary papers with markets regulator Sebi to float an initial public offering.

The Bengaluru-based company's proposed IPO is entirely an offer for sale (OFS) of 98.44 crore shares by promoter Sagility B.V, according to the Draft Red Herring Prospectus (DRHP).

The offer includes a reservation for subscription by eligible employees.

Since it is an OFS, the company will not receive any proceeds from the public issue, and the entire fund will go to the selling shareholders.

The company, in its draft papers filed on Friday, said that the objective of the initial share sale is to gain the advantages of listing the equity shares on the stock exchanges.

Additionally, the company anticipates that listing the equity shares will boost its visibility and brand image, provide liquidity to its shareholders, and establish a public market for the equity shares.

The company provides technology-driven services to both payers (US health insurance companies, which finance and reimburse the cost of health services), and providers (primarily hospitals, physicians, and diagnostic and medical devices companies).

In March 2024, Sagility acquired BirchAI, a healthcare technology firm specialising in cloud-based generative AI technology. This acquisition is expected to enhance member and provider engagement and reduce clients' operational costs through AI-powered customer support solutions using speech-to-text and large language models (LLMs) integrated with Sagility's engagement solutions.

As of March 31, 2024, Sagility had 35,044 employees – 60.52 per cent of them women – up from 30,830 a year earlier.

Sagility India's revenue from operations during the fiscal year 2024 increased 12.7 per cent to Rs 4,753.56 crore against Rs 4,218.41 crore a year ago. Its profit after tax soared 50 per cent to Rs 228.27 crore for FY2024 from Rs 143.57 crore in the preceding year.

ICICI Securities, IIFL Securities, Jefferies India, and J.P. Morgan India are the book-running lead managers to the issue. The company's equity shares are proposed to be listed on the BSE and NSE.