Indegene IPO: Institutional investors invest Rs 549 crore via anchor book

Indegene IPO

Indegene, which provides digital-led commercialization services for the life sciences industry, has mobilised Rs 548.78 crore from anchor investors on May 3, a day before the IPO opening.

The public issue will open for subscription on May 6 and the last day will be May 8. This would be the first initial public offering to get launched in May.

The private equity firms Carlyle and Nadathur Fareast-backed Indegene informed exchanges that it has finalised allocation of 1,21,41,102 equity shares to anchor investors at a price of Rs 452 per share.

Marquee investors Smallcap World Fund Inc, Abu Dhabi Investment Authority, American Funds Insurance, Custody Bank of Japan, Destinations International Equity Fund, East Bridge Capital Master Fund, and Copthall Mauritius Investment invested in Indegene IPO via anchor book.

Further, asset management companies including SBI Mutual Fund, ICICI Prudential MF, Nippon Life India, Whiteoak Capital, DSB Mutual Fund, Bandhan Mutual Fund, Kotak Mutual Fund, and Baroda BNP Paribas Mutual Fund were also investors in the anchor book.

Also read: Indegene IPO: 10 things to know before subscribing to the Rs 1,841-crore issue

"Out of the total allocation of 1,21,41,102 equity shares to the anchor investors, 48,05,156 equity shares were allocated to 10 domestic mutual funds through a total of 18 schemes," Indegene said in a filing to exchanges.

Even insurance companies like Aditya Birla Sun Life Insurance, Bajaj Allianz Life Insurance, and Bharti Axa Life Insurance participated in the anchor book.

Indegene, which helps pharma companies with drug development and clinical trials, regulatory submissions, pharmacovigilance and complaints management, and sales and marketing of their products intends to raise Rs 1,841.76 crore through initial share sale at the upper price band.

The IPO comprises a fresh issuance of Rs 760 crore worth of shares and an offer-for-sale (OFS) of 2.39 crore equity shares worth Rs 1,081.76 crore by investors.

Manish Gupta, Rajesh Bhaskaran Nair, Anita Nair, Vida Trustees, BPC Genesis Fund, and CA Dawn Investments are the selling shareholders in the OFS.

The Bengaluru-based company, which has fixed price band at Rs 430-452 per share for its IPO, will utilise net fresh issue proceeds for repaying debts of subsidiary ILSL Holdings Inc, and capital expenditure requirements another subsidiary Indegene Inc.

Further, the remaining fresh issue money will be used for general corporate purposes and inorganic growth.