Indegene shares make strong debut with nearly 46% premium

Shares of healthcare tech firm Indegene Ltd debuted at a 46% premium, listing at Rs 659.70 against the issue price of Rs 452. The IPO was subscribed 69.71 times, raising Rs 1,841.75 crore. The company offers solutions to biopharmaceutical, biotech, and medical device firms for product development, launches, and sales. Funds from the fresh issue will be used to pay debts, capital expenditure, acquisitions, and general corporate purposes.

Shares of healthcare tech firm Indegene Ltd on Monday listed with a premium of nearly 46 per cent against the issue price of Rs 452.

The stock listed at Rs 659.70, up 45.95 per cent from the issue price on the BSE.

At the NSE, it started the trade at Rs 655, registering a gain of 44.91 per cent.

The Initial Public Offer (IPO) of Indegene got subscribed 69.71 times on the closing day of bidding on Wednesday last week.

The Rs 1,841.75 crore IPO had a fresh issue of up to Rs 760 crore and an offer-for-sale of up to 2,39,32,732 equity shares.

The price band for the offer was Rs 430-452 a share.

Funds raised through the fresh issue would be used to pay debt, fund capital expenditure requirements, for payment of deferred consideration for one of its past acquisitions, funding inorganic growth and general corporate purposes.

Founded in 1998, Indegene offers solutions that help enable biopharmaceutical, emerging biotech and medical devices companies to develop products, launch them in the market, and drive sales throughout their life cycle.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)