Indegene Ltd makes strong market debut, shares surge 45% on listing day

BNE News Desk

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New Delhi: Indegene Limited, a provider of digital services to the life science industry, witnessed a stellar debut on the stock exchanges on Monday, with its share prices soaring to impressive heights. The company's shares soared to 45% against the issue price of Rs 452 per share, showcasing a bullish sentiment among investors.

The enthusiastic response to Indegene's initial public offering (IPO) was evident from the subscription figures recorded on the final bidding day, Wednesday, May 8. The IPO garnered overwhelming demand, being oversubscribed 69.71 times. 

Qualified Institutional Buyers (QIBs) led the subscription race, oversubscribing by a s197.55 times, followed by non-institutional investors at 54.75 times. Retail individual investors also demonstrated significant interest, subscribing 7.68 times the allotted quota.

Trading commenced on the National Stock Exchange (NSE) with Indegene shares opening at ₹655 per share, reflecting a premium of over 44% from the issue price. Within the initial five minutes of trading, over 1 crore shares of the company were exchanged, indicating high investor interest.

Simultaneously, on the Bombay Stock Exchange (BSE), Indegene shares debuted at Rs 659.70 per share, maintaining a premium of 45% to the issue price. However, the stock witnessed a slight decline thereafter, trading at Rs 582 per share on the BSE and Rs 589.35 on the NSE, marking decreases of 11% and 10% respectively from the listing price.

Indegene entered the capital market on May 6 with a public offer to raise Rs 1,841.76 crore. The offer consisted of a fresh issue of 1.68 crore shares worth Rs 760 crore and an Offer for Sale of 2.39 crore shares worth Rs 081.76 crore. The IPO price band was fixed at Rs 430 to Rs 452 per share.

The company's core services encompass aiding biopharmaceutical, biotech, and medical devices. Indegene Limited specialises in providing digital solutions to the life science sector, assisting in various facets such as medication development, clinical trials, regulatory filings, pharmacovigilance, complaint handling, and sales and marketing support.

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BNE News Desk