Indegene ends 26% higher on listing day
Shares of Indegene Ltd ended the day 1 of listing with 26 per cent gains. As against the IPO price of ₹452, the stock of healthcare tech firm closed at ₹570.65 on the BSE, a gain of 26.25 per cent. The stock listed at ₹659.70, a premium of 446 per cent, but could not on to the gains and slipped to hit a day’s low of ₹527.80.
On the NSE, after listing at ₹655, the stock ended at ₹569.50.
The IPO saw a robust response of nearly 70 times
“We believe the healthy listing is justified due to its virtual monopoly in its services tailor made for the life sciences industry and its deep domain expertise in pharmaceutical marketing, clinical trials, pharma covigilance, medical and regulatory a©airs, and health informatics which is benefiting its clientele base across the value chain,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
“However, post listing, we see the valuations are getting stretched and considering market sello© mood and other parameters, we are recommending conservative investors to book profits,” he added.
The issue size of the healthcare tech service provider was ₹ 1,842 crore ₹760 crore fresh issue and ₹1,082 crore o©er for sale.
Ahead of the IPO, the company had raised ₹549 crore from anchor investors.
Funds raised through the fresh issue would be used to pay, fund capital expenditure requirements, payment of deferred consideration for one of its past acquisitions, fund inorganic growth and general corporate purposes.