Indegene IPO Day 3: Subscription At 9.54x, GMP Stable

Indegene IPO, aiming to raise ₹1,841.76 crore, opened for subscription on May 6 and will close on May 8, consists of a fresh issue of 1.68 crore shares aggregating to ₹760 crores and an offer for sale of 2.39 crore shares aggregating to ₹1,081.76 crores.

Indegene IPO Subscription Status

As of 10:54 am on May 8, the Indegene IPO has been subscribed 9.51 times. The retail investor category has been oversubscribed 4.67 times, while the Non-Institutional Investors (NIIs) category has seen an oversubscription of 25.97 times. However, the Qualified Institutional Buyers (QIBs) category has only been subscribed 5.69 times. The employee category has been subscribed 3.74 times.

The IPO allocation structure reserves 19.85% of the shares for QIBs, 14.89% for NIIs, and 34.75% for Retail Investors. The company has also reserved around 2.96 lakh shares for the employee section at a discount of ₹30 to the issue price.

Indegene IPO GMP

As of now, the Grey Market Premium (GMP) for Indegene’s IPO is reported at ₹255. The GMP is an indicator of the expected listing price, which is calculated by adding the IPO’s top price band and the GMP. However, it should be noted that GMPs are just an indicator and should not be taken as the sole factor behind the company’s performance upon listing.

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Indegene IPO Details

The company plans to use the net proceeds from the offering for prepayment or scheduled repayment of existing borrowings, financing working capital requirements, and addressing general corporate purposes.

Before the IPO launch for public subscription on May 6, the company successfully secured funds from anchor investors. This allocation was made wherein equity shares were allotted to anchor investors at the issue price.

Participants in the anchor round include both foreign and domestic institutions, such as White Oak Capital, Ashoka India, ICICI Prudential, Volrado Ventures, Bajaj Alliance Life Insurance, Aditya Birla Sun Life Insurance, SBI General Insurance, BCAD, Singularity Growth Opportunity Fund, and Authum Investments.

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