Indegene Files Draft Papers With SEBI For IPO
The Indegene IPO will include fresh issue worth Rs 950 crore, and an offer for sale of 3.63 crore shares.
Digital life sciences commercialisation company Indegene will launch an initial public offering with a fresh issue worth Rs 950 crore and an offer for sale of 3.63 crore shares.
The offer for sale will see individual shareholders Manish Gupta, Rajesh Bhaskaran Nair, and Anita Nair offload 26.54 lakh shares cumulatively, according to the draft red herring prospectus filed by the company before SEBI.
Investors Vida Trustees—trustee of the Fig Tree Trust—in its capacity as partner of Group Life Spring, BPC Genesis Fund I SPV, BPC Genesis Fund I-A SPV, and CA Dawn Investments will sell 3.36 crore shares through the IPO, the document said.
The offer for sale represents 16.38% of the overall pre-issue outstanding equity shares of the company.
As of Dec. 14, Indegene has 22.16 crore shares prior to the offer.
The maiden share sale will also include an employee-reserved portion to the tune of Rs 60 crore.
The net proceeds from the IPO, which will not include the funds raised from the OFS portion, will be used to fund the capex requirements of the company and its material subsidy—Indegene, Inc.
The company will also divert a portion of the net proceeds to repay the debt obligations of subsidiary ILSL Holdings and pay for the acquisition of additional shares in DT Associates by the same subsidiary.
Indegene is a "digital-first" commercialisation company focused exclusively on the global life sciences industry. It offers solutions for biopharmaceutical, emerging biotech, and medical device companies to develop and launch products and drive sales through their life cycles.
As on June 30, 2022, the company had 52 active clients and has been delivering solutions to them from operation hubs located across North America, Europe, and Asia, according to its DRHP.
By June this year, Indegene had 5,245 full-time employees across nine countries, of whom 4,712 were delivery employees—those who do not belong to corporate or support functions.
Indegene reported Rs 520.98 crore as revenue from operations for the three months ended June 30, 2022. For fiscal 2022, the company reported revenue of Rs 1,664.61 crore, compared with Rs 966.27 crore in 2021 and Rs 642.93 crore in 2020.