Indegen IPO: Infosys co-founder NS Raghavan and private equity firm Carlyle-backed Indegene Limited are preparing for listing on the stock exchanges. The company has filed a preliminary draft paper with the stock market regulator SEBI to bring the IPO (Intial Public Offering). Indegene is preparing to raise Rs 3200 crore from the market through IPO.
Indegene’s IPO will be the biggest IPO in the tech IT services sector after the IPO of TCS (Tata Consultancy Services) in 2004. Then TCS raised Rs 4713 crore from the market. Indegene is a healthcare tech firm focused on the global life science industry.
According to the draft paper filed with SEBI, fresh shares worth Rs 950 crore will be issued in the IPO, as well as 3.63 crore shares will be sold through offer for sale by existing investors. Existing investors who are about to sell their stake in the IPO include Carlyle’s company CA Dawn Investments which holds 20 per cent stake or 46 million shares in the company. The company is going to sell 172 lakh shares in the IPO.
The company will repay the outstanding loan from the amount raised through the IPO. Also, capital expenditure will be spent on the growth of the company along with the payment towards previous acquisitions.
Bangalore based Indegene has done better on the financial performance front. The company’s revenue from operations has increased from $ 90.84 million in 2019-20 to $ 130.54 million in 2020-21 and $ 223.81 million in 2021-22. In 2020, the company acquired US-based company CultHealth. Kotak Mahindra Bank, JP Morgan and Nomura are the investment banks for the IPO.