Indegene prepares IPO for ₹2,500 crore

Private equity firm Carlyle, an investor in Indesign, is hoping to sell its stake in the IPO, the people said on condition of anonymity. The company has acquired JP Morgan India Pvt. Ltd. and Kotak Mahindra Capital Company Ltd. to manage the share sale, he said.

Emailed queries to the company and bankers remained unanswered.

Riding the current optimism in the market, many companies are considering IPOs. Shares of Dreamfolx Services saw strong listing on Tuesday 55% premium on issue price of 505, 326, while the IPO of Tamil Nadu Mercantile Bank closed with 2.86 times subscription on Tuesday.

“Most IPOs come at a premium valuation, as in many cases, the promoter sells stake through an OFS or private equity exit. So, they want higher valuations, which is possible only during good secondary market sentiments,” said market analyst Parthiv Shah, who heads a wealth management firm.

Established in 1998, Bengaluru-based Indegene is engaged in research and experimental development on the natural sciences 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 primarily caters to biotech companies and medical device manufacturers.

According to the company’s official website, many leading global health organizations rely on Indigene to deliver effective and efficient clinical, medical and commercial results every day.

The company said it earned $223.8 million in fiscal 2012, up from $90.8 million in fiscal 2010.

There was profit after tax till March 2021 133 crores while the total income of the company was As per VCCEDge, 535 crore more than the March 2020 numbers.

A banker with a state-run bank said he expects many companies to file draft IPO papers by the third quarter. He also expects multiple listings.

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