Indegene IPO Debut: Shares List At 45 Per Cent Premium Over Issue Price

The initial public offering (IPO) of the company was subscribed 69.91 times by the end of the bidding period, and investors purchased 201.81 equity shares

The listing missed the estimates of the grey market in its debut, where the stock was trading at a premium of 68 per cent

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Indegene Ltd debuted in the stock market with a 45 per cent premium over its issue price on Monday. The company’s stock listed at Rs 655 apiece on the NSE, clocking a gain of 45 per cent against the issue price of Rs 452.

Meanwhile, the firm’s shares started trading on the BSE at Rs 659.70 apiece, registering a premium of 46 per cent against the issue price of the listing. However, the listing missed the estimates of the grey market in its debut, where the stock was trading at a premium of 68 per cent, reported Moneycontrol. The grey market represents an unofficial marketplace where shares are traded before the subscription offer opens and continue trading till the shares of the firm are listed officially.

The initial public offering (IPO) of the company was subscribed 69.91 times by the end of the bidding period, and investors purchased 201.81 equity shares. The maiden listing worth Rs 1,841.76 crore provided 2.88 crore shares on offer.

Amongst the bidders, the non-institutional investors dominated the bidding and subscribed 55.07 times their reserved quota. Qualified institutional buyers also bid for the issue 197.55 times their quota. The retail investors placed 7.95 times bids for the maiden offer.

The firm said that it intends to use the funds raised from the listing to clear the debt of subsidiaries, finance the company’s capital expenditure requirements, and general corporate purposes. 

The firm, backed by Carlyle and Nadathur Fareast, collected Rs 549 crore from its anchor book on May 3. Institutional investors of the firm included Smallcap World Fund Inc, Abu Dhabi Investment Authority, SBI Mutual Fund, ICICI Prudential MF, DSP Mutual Fund, Kotak Mutual Fund, and Copthall Mauritius Investment, among others. 

The company caters digital services for the life sciences industry and provides support in drug development, regulatory submissions, complaints management, sales, marketing support, etc.

As of 12:52 PM, the shares of the firm traded at Rs 590.10 apiece on the BSE and Rs 590.40 per share on the NSE.