indegene ipo
May 6, 2024, 11:01 a.m.

Indegene IPO: Key Details, Subscription Status, Review, and Investment Advice

The Indegene Initial Public Offering (IPO) stands out for its timing and scope, arriving in a traditionally slow period due to general election cycles. Despite this historical trend, the Indegene IPO, following the successful JNK India IPO launch, has managed to generate substantial interest among investors. Here's a detailed breakdown of the Indegene IPO, its pricing, subscription status, and investment potential.

Overview of the Indegene IPO

  1. Company Background: Indegene Limited is a digital-led commercialization services provider specializing in the life sciences sector, including biopharmaceuticals, biotech, and medical devices. It leverages cutting-edge tools, including AI-based applications, to deliver regulatory documents, commercial assets, and medical content.
  2. IPO Structure: The Indegene IPO comprises fresh shares and an Offer for Sale (OFS), targeting to raise a total of ₹1841.76 crore. Of this:
  • ₹760 crore will be raised through fresh shares issuance to fund the company's expansion plans.
  • ₹1081.76 crore is allocated through the OFS, allowing existing shareholders to exit.

3. Pricing Details:

  • Price Band: The price band is set between ₹430 and ₹452 per share.
  • Grey Market Premium (GMP): Market observers note a grey market premium of ₹246 per share, reflecting high demand.

4. Dates:

  • IPO Opening Date: 6th May 2024.
  • IPO Closing Date: 8th May 2024.

5. Lot Size: The lot size for investors is set at 33 shares per lot.
6. IPO Registrar: Link Intime India Private Limited is managing the share allotment process.
7. Stock Exchange Listing: Indegene will be listed on both the BSE and NSE.
8. Allotment and Listing Dates:

  • Allotment Date: 9th May 2024.
  • Listing Date: 13th May 2024, based on the T+3 listing rule.

Subscription Status

The IPO has already gained significant interest:

  • By 2:54 PM on the first day of bidding, the IPO was subscribed 1.02 times.
  • The retail portion was booked 1.11 times.
  • The Non-Institutional Investor (NII) portion was subscribed 2.11 times.

Financial Performance and Strategic Growth

Indegene has shown a remarkable Compound Annual Growth Rate (CAGR) of 54.5% between FY21 and FY23, driven by:

  • Its strategic acquisitions (13 completed so far) expand its technological capabilities and market reach.
  • Diverse digital solutions, such as AI-enhanced platforms that automate commercial asset development.

The company seeks to:

  • Strengthen relationships with existing clients while pursuing new market segments.
  • Deepen its reach through high-value business verticals.

Analysts' Recommendations

1. Prathamesh Masdekar, Research Analyst at StoxBox: Recommends a 'subscribe' rating due to Indegene's innovative services, market expansion strategies, and consistent growth.

2. Amit Goel, Co-Founder and Chief Global Strategist at Pace 360:

  • Highlights the 55% grey market premium, suggesting strong investor confidence.
  • Advises moderate long-term investment, with the opportunity to add post-listing.

3. Additional Analyst Support: Firms like BP Equities, Indsec Securities, SBICAP Securities, SMIFS, and Ventura Securities also recommend a 'buy,' while Mehta Equities, Sushil Finance, and Axis Capital have chosen not to rate the IPO.


Given its strategic market positioning and innovative digital services, Indegene's IPO has strong potential. Investors seeking long-term gains might find it appealing, though individual circumstances and market volatility should be considered. Consulting with certified financial advisors is crucial before making any decisions.

Disclaimer: The information presented reflects the views of individual analysts and companies, not of any specific publication. Market conditions may vary, so investors should seek expert advice before investing.

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