MUMBAI : Indegene Pvt Ltd, a technology-led healthcare solutions provider, is planning an initial public offering (IPO) of €2,500 crore in an offer to sell (OFS), two people aware said.
Private equity firm Carlyle, an investor in Indegene, is expected to sell its stake in the IPO, the people said on condition of anonymity. The company has JP Morgan India Pvt. Ltd and Kotak Mahindra Capital Co. Ltd to manage the stock sale, they said.
E-mail inquiries to the company and the bankers went unanswered.
Several companies are considering IPOs based on the current market optimism. DreamFolks Services shares saw a strong session on Tuesday €505, a premium of 55% on the issue price of €326, while Tamilnad Mercantile Bank’s IPO closed at a subscription of 2.86 times on Tuesday.
“Most IPOs have a premium rating as in many cases it is the promoter who sells shares via OFS or private equity exit. As such, they seek high valuations, which is only possible when secondary market sentiment is good,” said market analyst Parthiv Shah, who runs an asset management firm.
Located in Bengaluru, Indegene was founded in 1998 and is engaged in research and experimental development in science and engineering. It has a global presence in the US, UK, Europe, China, Japan and India. The company provides solutions such as product commercialization, enterprise marketing and customer experience, data and analytics, medical transformation, and learning and development solutions. It mainly targets biotech companies and medical device manufacturers.
According to the company’s official website, several leading global healthcare organizations rely on Indegene to deliver effective and efficient clinical, medical and commercial outcomes every day.
The company said it brought in $223.8 million for the fiscal year, up from $90.8 million in fiscal 2020.
Earnings after taxes as of March 2021 €133 crore while the company’s total income was €535 crore, above March 2020 numbers, according to VCCEdge.
A banker at a state lender said he expects many companies to submit IPO proposals by the third quarter. He also anticipates multiple listings.
Get all the business news, market news, breaking news and latest news updates on Live Mint. Download the Mint News app for daily market updates. More less
Subscribe to something Mint newsletter
* Enter a valid email address
* Thank you for subscribing to our newsletter.
Post your comment
Comments are closed.