Indegene made a remarkable debut on the stock exchanges today, with its share price soaring nearly 45% above the issue price. On the National Stock Exchange (NSE), the Indegene share price opened at ₹655 per share, a substantial 44.9% increase from the issue price of ₹452. Similarly, on the Bombay Stock Exchange (BSE), the share price opened at ₹659.70 apiece, up by 45.95% from the issue price.
Market experts had anticipated the Indegene share price to open in the range of ₹740 to ₹760 per share, showcasing strong investor interest in the company. The initial public offering (IPO) of Indegene witnessed robust demand, with the subscription reaching 69.71 times on the last day of bidding on May 8. Qualified Institutional Buyers (QIBs) subscribed 197.55 times, while non-institutional investors subscribed 54.75 times. The retail individual investors’ quota garnered 7.68 times as many subscribers.
The Indegene IPO, which raised ₹1,841.76 crore, comprised an offer-for-sale (OFS) of 23,932,732 equity shares by selling shareholders and a fresh issue of ₹760 crore. The proceeds from the fresh issue will be utilized for financing inorganic growth, general corporate purposes, capital expenditure requirements, and debt repayment.
Indegene Limited specializes in providing digital services to the life science business, focusing on medication development, clinical trials, regulatory filings, pharmacovigilance, and sales/marketing assistance.
The book-running lead managers for the IPO are Nomura Financial Advisory And Securities (India) Pvt Ltd, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, and Kotak Mahindra Capital Company Limited. Link Intime India Private Ltd. serves as the issue’s registrar.
With Indegene IPO’s grey market premium (GMP) standing at +307, indicating a premium of ₹307 in the grey market, it is expected that the shares will list at ₹759 per share, representing a significant increase of 67.92% over the IPO price of ₹452. The positive trend in the IPO GMP suggests a favorable listing for Indegene shares, reflecting investors’ enthusiasm and readiness to pay above the issue price.
