The initial public offering (IPO) of Indegene saw a strong response from investors during the second day of the bidding process on Tuesday (May 7).
Indegene Ltd, which provides digital services to the life sciences industry, had its initial public offering on May 6 and since then it has been completely subscribed.
According to BSE data, on the first day of bidding on Monday (May 6), the Rs 1,842 crore IPO got offers for more than 4 crore shares against 2,86,25,450 shares on offer.
The retail category was fully subscribed and received 1.44 times subscription before the end of the first day of bidding.
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However, the non-institutional investor (NII) category was fully subscribed within a few hours of its opening and obtained 3.68 times the subscription. Qualified institutional buyers (QIBs) received only 3% of subscriptions.
The services provided by the company may be categorized into multiple areas, such as consulting, omnichannel activation, enterprise commercial solutions, enterprise medical solutions, and enterprise clinical solutions.
Interested investors can purchase Indigene IPO until May 8. It is expected that the share allotment will be finalized on May 9 while the listing will take place on May 13, 2024, on both BSE and NSE.
The Indegene IPO’s price range is set at Rs. 430 to Rs. 452 per share.
For investors, an application must have a minimum lot size of 33 shares.
Retail investors are required to invest a minimum of Rs. 14,916.
Also Read: Premier Energies IPO: 5 thing to know
The minimum lot size investment for small NII is 14 lots (462 shares), amounting to Rs. 2,08,824, and for bNII, it is 68 lots (2,244 shares), amounting to Rs. 10,14,288.
Market analysts report that unlisted shares of Indegene Ltd. are selling on the grey market for Rs. 262 more than the company’s issue price.
The Rs. 262 grey market premium, or GMP, indicates that the grey market expects a 57.96% listing gain from the public offering. The GMP is based on market sentiment and is constantly changing.
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Disclaimer: The above content is for informational purposes only. The 1% News recommends consulting a SEBI-registered investment advisor before making any investment decision.
