Indegene Ltd, a healthcare tech firm focused on the global life sciences industry, has filed preliminary papers with capital markets regulator Sebi to raise as much as Rs 3,200 crore through an Initial Public Offering (IPO).
The IPO comprises a fresh issue of equity shares worth up to Rs 950 crore and an Offer For Sale (OFS) of up to 3.63 crore equity shares by existing investors, according to the Draft Red Herring Prospectus (DRHP). The OFS consists of up to 27 lakh equity shares to be sold by individual selling shareholders — Manish Gupta, Rajesh Bhaskaran Nair, and Anita Nair — and up to 3.36 crore equity shares by existing investors, including Carlyle, Brighton Park Capital and the Nadathur Family Office.
According to merchant banking sources, the company is expected to mobilise Rs 3,200 crore through the initial share-sale. The funds raised through the fresh issue would be used to pay debt, funding capital expenditure requirements, payment of deferred consideration for one of its past acquisitions, funding inorganic growth and general corporate purposes. The company may consider a pre-IPO placement of equity shares to the tune of Rs 190 crore and if such placement is undertaken, the fresh issue size will be reduced.
Indegene had raised USD 200 million from The Carlyle Group and Brighton Park Capital in February 2021. Founded in 1998, Indegene offers solutions that help enable biopharmaceutical, emerging biotech and medical devices companies to develop products, launch them in the market, and drive sales throughout their life cycle. The company reported revenue from operations of Rs 1,665 crore in FY2021-22, growing at a 61 per cent CAGR from FY2019-20 to FY2021-22 and posted a profit after tax of Rs 163 crore in FY2021-22, increasing at an 81 per cent CAGR from FY2019-20 to FY2021-22.
Kotak Mahindra Capital, Citigroup Global Markets India, J P Morgan India, Nomura Financial Advisory and Securities (India) are the book running lead managers to the issue.
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