Sagility India mobilises Rs 945 crore from anchor investors, IPO to open on November 5

Sagility India IPO

Bengaluru-based healthcare-focused services provider Sagility India raised Rs 945.4 crore from 52 anchor investors on November 4 ahead of its IPO launch. The Rs 2,107-crore initial share sale will open for all investors on November 5 and close on November 7.

The IPO consists solely of an offer-for-sale of 70.2 crore equity shares by Netharlands-based promoter Sagility BV, an affiliate of EQT Private Capital Asia. The price band for the offer has been fixed at Rs 28-30 per share.

Sagility India is valued at Rs 14,044 crore at the upper price band.

As per the filing to exchanges on Monday, the company has finalised the allocation of 31,51,34,668 equity shares to anchor investors at Rs 30 per share.

Global institutional investors who bought shares in the company via the anchor book are Nomura Funds, Government Pension Fund Global, Florida Retirement System, TIMF Holdings, Societe Generale, and Goldman Sachs.

Domestic fund houses and insurance companies including ICICI Prudential Mutual Fund, HDFC Mutual Fund, Mirae Asset, ICICI Prudential Life Insurance, Whiteoak Capital, PGIM India, Edelweiss Trusteeship, Motilal Oswal Mutual Fund, Baroda BNP Paribas Mutual Fund, Max Life Insurance, Aditya Birla Sun Life Insurance, Invesco India, SBI General Insurance, and Bharti Axa Life Insurance also invested in the company.

"Out of the total allocation of 31.51 crore equity shares to the anchor investors, 11.84 crore shares were allocated to 8 domestic mutual funds through a total of 26 schemes," the company said.

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Sagility India has no comparable peer amongst listed entities; it is a healthcare-focused services provider for the US healthcare industry. Its clients include payers and providers. Payers are US health insurance companies, which finance and reimburse the cost of health services), while providers are primarily hospitals, physicians, and diagnostic and medical device companies.

Towards the end of last month, the promoter raised Rs 366 crore by selling 12.2 crore equity shares for Rs 30 per share to nine investors including Adani Properties, Elpro International, Avendus, 360 ONE, Jasub Property Holdings, Jaya Chandrakant Gogri and Rashesh Chandrakant Gogri, PAM Family Trust, Shradha Family Trust, and Unmaj Ventures.

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The company will not receive any IPO funds, and all the money (excluding offer expenses) will go to the promoter Sagility BV.

ICICI Securities, IIFL Securities, Jefferies India, and JP Morgan India are acting as the book running lead managers for the issue.