THIS IS APUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY AND IS NOTAPROSPECTUSANNOUNCEMENTANO DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE. PURCHASE OR SUBSCRIBE TO SECURITIES. NOT FOR RELEASE. PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY OUTSIDE INDIA. THE EQUITY SHARES OF OUR COMPANY WILL GET LISTED ON THE MAIN BOARD PLATFORM OF BSE LIMITED ("BSE') AND NATIONAL STOCK EXCHANGE OF INDIA LIMITED NSE. AND TOGETHER WITH BSE. THE STOCK EXCHANGES') IN COMPLIANCE WITH CHAPTER II OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS. 2018. AS AMENDED (SEBI ICDR REGULATIONS').
|
| INDEGENE LIMITED |
Our Company was incorporated as Indegene Lifesystems Private Limited' at Ahmedabad. Gujarat, as a private limited company, under the Companies Act. 1956, pursuant to a certificate of incorporation dated October 16.1998, issued by the Registrar of Companies, Gujarat, Dadra & Nagar Haveli at Ahmedabad. Thereafter, the registered office of our company was shifted from Gujarat to Karnataka in June 2003. and then, from Karnataka to Maharashtra in May 2014. Further, pursuant to a resolution passed by our Shareholders at the EGM held on February 29.2016 the name of our Company was changed to Indegene Private Limited' and a fresh certificate of incorporation was issued by the registrar of companies. Maharashtra at Mumbai on May 26,2016. The name of our Company was changed to better reflect the nature of business undertaken by our Company. Thereafter, the registered office of our Company was shifted from Maharashtra to Karnataka in February 2017. Subsequently, our Company was converted from a private limited company to a public limited company, pursuant to a special resolution passed by our Shareholders at the EGM held on November 7,2022 and the name of our Company was changed to Indegene Limited' and a fresh certificate of incorporation was issued to our Company by the Registrar of Companies. Karnataka at Bengaluru ("RoC"), on November 17, 2022 For further details on the changes in the name and registered office of our Company, see ‘History and Certain Corporate Matters - Brief History of our Company'and"History and Certain Corporate Matters - Changes in the registered office' on page 170 of the Prospectus dated May 9.2024 fled with the RoC ("Prospectus'')
| Registered and Corporate Office: Aspen Block G4,3rd Floor. Manyata Embassy Business Park. Outer Ring Road. Nagawara, Bengaluru - 560 045, Karnataka, India; |
| Tel: +91 80 4674 4567/ +91 80 4644 7777; Website: www.indegene.com; Contact person: Srishti Ramesh Kaushik, Company Secretary and Compliance Officer, |
| E-mail: compliance.officer@indegene.com: Corporate Identity Number: U73100KA1998PLC102040 |
| OUR COMPANY IS A PROFESSIONALLY MANAGED COMPANY AND DOES NOT HAVE AN IDENTIFIABLE PROMOTER |
Our Company has filed the Prospectus dated May 9, 2024 with the RoC (the "Prospectus") and the Equity Shares (as defined below) are proposed to be listed on the Main Board platform of stock Exchanges and the trading is expected to commence on May 13,2024.
| BASIS OF ALLOTMENT |
INITIAL PUBLIC OFFERING OF 40,766,550 EQUITY SHARES OF FACE VALUE OF RS.2 EACH ("EQUITY SHARES") OF INDEGENE LIMITED (OUR "COMPANY" OR THE "COMPANY") FOR CASH AT A PRICE OF RS. 452 PER EQUITY SHARES (INCLUDING A PREMIUM OF RS.450 PER EQUITY SHARE) ("OFFER PRICE") AGGREGATING RS.18,417.59 MILLION (THE "OFFER") COMPRISING A FRESH ISSUE OF 16,833,818 EQUITY SHARES AGGREGATING TO RS. 7,600 MILLION (THE "FRESH ISSUE") AND AN OFFER FOR SALE OF 23,932,732 EQUITY SHARES AGGREGATING TO RS.10,817.59 MILLION (THE "OFFER FOR SALE"), CONSISTING OF 1,118,596 EQUITY SHARES AGGREGATING TO RS.505.61 MILLION BY MANISH GUPTA, 3,233,818 EQUITY SHARES AGGREGATING TO RS.1,461.69 MILLIONRS. BY DR. RAJESH BHASKARAN NAIR, 1,151,454 EQUITY SHARES AGGREGATING TO Rs.520.46 MILLION BY ANITA NAIR (COLLECTIVELY WITH MANISH GUPTA AND DR. RAJESH BHASKAR AN NAIR, THE "INDIVIDUAL SELLING SHAREHOLDERS"), 3,600,000RS. EQUITY SHARES AGGREGATING TO RS.1,627.20 MILLION BY VIDA TRUSTEES PRIVATE LIMITED, 2,657,687 EQUITY SHAES AGGREGATING TO RS. 4,878.28 MILLION BY RS.1,201.27 MILLION BY BPC GENESIS FUND I SPV, LTD, 1,378,527 EQUITY SHARES AGGREGATING TO RS.623.09 MILLION BY BPC GENESIS FUND l-A SPV, LTD. AND 10,792,650 EQUITY SHARES AGGREGATING TO RS. 125.00 CA DAWN INVESTMENTS (COLLECTIVELY WITH VIDA TRUSTEES PRIVATE LIMITED, BPC GENESIS FUND I SPV, LTD AND BPC GENESIS FUND l-A SPV, LTD., THE "INVESTOR SELLING SHAREHOLDERS" AND COLLECTIVILY WITH THE INDIVIDUAL SELLING SHAREHOLDERS, THE "SELLING SHAREHOLDERS" AND SUCH EQUITY SHARES, THE "OFFERED SHARES"). THE OFFER INCLUDES A RESERVATION OF 296,208 EQUITY SHARES, AGGREGATING TO RS. 125.00 MILLION (CONSTITUTING 0.12% OF THE POST-OFFER PAID-UP EQUITY SHARE CAPITAL), FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES ("EMPLOYEE RESERVATION PORTION"). OUR COMPANY, IN CONSULTATION WITH THE BRLMS OFFERED A DISCOUNT OF RS.30 PER EQUITY SHARE) TO ELIGIBLE EMPLOYEES WHO BID IN THE EMPLOYEE RESERVATION PORTION ("EMPLOYEE DISCOUNT"). THE OFFER LESS THE EMPLOYEE RESERVATION PORTION IS HEREINAFTER REFERRED TO AS THE "NET OFFER". THE OFFER AND THE NET OFFER CONSTITUTE 17.04% AND 16.91% OF THE POST-OFFER PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY.
| ANCHOR INVESTOR OFFER PRICE: Rs.452 PER EQUITY SHARE OF FACE VALUE OF 12 EACH |
| OFFER PRICE: Rs.452A PER EQUITY SHARE OF FACE VALUE OF U EACH |
| THE OFFER PRICE IS 226 TIMES THE FACE VALUE OF THE EQUITY SHARES. |
A
A DISCOUNT OF (30 PER EQUITY SHARE WAS OFFERED TO ELIGIBLE EMPLOYEES BIDDING IN THE EMPLOYEE RESERVATION PORTION.| RISKS TO INVESTORS |
1. Industry concentration risk: All of our revenues are earned from clients in the life sciences industry, a significant portion (93.29% of revenue from operations for the nine months ended December 31, 2023) of which is attributable to clients in the biopharmaceutical industry. Consequently, demand for our solutions, depend on, among other things: (I) the pace of growth of the life sciences industry; and (ii) trends in the life sciences industry, including outsourcing trends, healthcare reform and the pace of digitization.
2. Client concentration risk: We have in the past derived, and we believe that we will continue to derive, a significant portion of our revenue from certain large clients. The following table sets forth our revenues from operations from our top five customers and top ten customers in absolute terms and as a percentage of total revenue from operations.
(Rs. In million, except percentages)
For the nine months ended December 31, |
||||
2023 |
2022 |
|||
| Revenue from operations from top five customers | 9,154.30 |
47.76% |
8,255.32 |
49.32% |
| Revenue from operations from top ten customers | 12,784.85 |
66.71% |
11,277.75 |
67.37% |
Excludes revenue from discontinued operations. , (Rs.in million, except percentages)
For the Financial Year |
||||||
2023 |
2022 |
2021 |
||||
Revenue from operations from top five customers |
11,344.67 |
49.19% |
9,175.76 |
55.12% |
5,446.52 |
56.37% |
Revenue from operations from top ten customers |
15,450.68 |
67.00% |
11,927.15 |
71.65% |
6,949.95 |
71.93% |
Excludes revenue from discontinued operations.
3. Prospective investors may be less familiar with our business compared to those of other service providers, such as IT/BPO service providers or product or platform organizations, who may serve a diversified client base across various industries.
4. Higher dependence on subsidiaries: The majority of our revenues are derived from our Subsidiaries. Set forth below are our revenues from our Subsidiaries also expressed as a percentage of our Company's total revenue from operations.
For the nine months ended December 31, |
For the Financial Year |
||||
2023 |
2022 |
2023 |
2022 |
2021 |
|
| Indegene Limited | 6.46% |
7.87% |
7.21% |
7.95% |
20.61% |
| Indegene, Inc. | 79.56% |
86.19% |
85.07% |
87.36% |
75.35% |
| Other subsidiaries | 13.98% |
5.95% |
7.72% |
4.69% |
4.04% |
| Total | 100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
Excludes revenue from discontinued operations.
5. Competition risk: The life sciences operations industry is highly competitive. Our future growth and success will depend on our ability to successfully compete with other companies that provide similar solutions in the same markets, some of which may have financial, marketing, technical and other advantages.
6. Objects related risks: We propose to utilize approximately 54.99% of the Net Proceeds by way of investments in our Subsidiaries by way of debt, subject to applicable laws, towards identified objects of the Offer. As our Subsidiaries are subject to, and have to ensure compliance with, the laws of the countries in which they are incorporated, the utilization of such funds by our Subsidiaries would be subject to the requirements of the laws of the countries in which our Subsidiaries are incorporated and accordingly we may have limited control over the manner in which such funds are utilized by our Subsidiaries.
7. Employee dependency related risk: Our business depends upon our ability to attract, develop, motivate, retain and effectively utilize skilled professionals.
(Rs. in million, except percentages)
For the nine months ended December 31, |
For the Financial Year |
||||
2023 |
2022 |
2023 |
2022 |
2021 |
|
| Employee benefits expense | 12,232.42 |
10,472.84 |
14,647.57 |
10,143.43 |
5,355.96 |
| Employee benefits expense as a percentage of total expenses | 74.38% |
72.98% |
73.20% |
71.58% |
69.72% |
| Employee benefits as a percentage of total income | 62.10% |
60.93% |
61.96% |
60.00% |
53.73% |
8. Pricing risk: If we under price our work orders, overrun our cost estimates, or fail to receive approval for or experience delays in documentation of change orders, our business, financial condition, results of operations, or cash flows may be adversely affected.
9. In the audit report issued by our Company's statutory auditors for the Financial Year 2022, our statutory auditors have included an emphasis of matter to draw attention to the fact that in accordance with the Scheme of Arrangement approved by the NCLT, our Company has given effect to the Scheme from a retrospective appointment date which overrides the relevant requirement of accounting principles generally accepted in India. In addition, the audit report issued for our audited special purpose consolidated interim financial statements as of and for the
nine months ended December 31,2022 and December 31,2023 includes an emphasis of matter paragraph stating that such special purpose consolidated interim financial statements have been prepared for the purpose of preparation of the Restated Consolidated Financial Information in connection with this Offer and, as a result, may not be suitable for any other purpose.
10. New business procurement risk: Our business is dependent on our ability to generate engagements for providing solutions to our clients and the prices that we are able to charge for provision of such solutions. We typically enter into master service agreements ("MSAs") with our clients ranging from one to three years, which broadly set out terms of our engagements, and we execute separate work orders for individual engagements setting out commercial terms. Our inability to generate new engagements on a timely basis and subsequently execute work orders for such engagements could impact our business.
11. Price/ Earning (P/E) ratio based on diluted EPS for Financial Year 2023 for the issuer at the Cap price of the Price band is 37.76 times. There are no listed companies in India and globally that engage in a business that is similar to that of our Company. Accordingly, we have not provided an industry comparison in relation to our Company.
12. International operations related risk: Our international operations expose us to complex management, legal, tax and economic risks, and exchange rate fluctuations, which could adversely affect our business, financial condition and results of operations.
13. Weighted Average Return on Net Worth for Financial Year ended 2023,2022 and 2021 is 27.37%.
14. Weighted average cost of acquisition for the Equity Shares transacted by Selling Shareholders and Shareholders with special right to nominate one or more directors on the Board of the Company and in the 1 year, 18 months and 3 years preceding the date of the Prospectus is as follows:
Period |
Weighted Average Cost of Acquisition (in Rs.) |
Cap Price is ‘X' times the Weighted Average Cost of Acquisition |
Range of acquisition price: Lowest Price - Highest Price (in l) |
Last one year |
N.A. |
N.A. |
N.A. |
Last 18 months |
N.A. |
N.A. |
N.A. |
Last three years |
N.A. |
N.A. |
N.A. |
^ As certified by Manian & Rao, Chartered Accountants pursuant to certificate dated May 9, 2024.
15. The average cost of acquisition per Equity Share by the Selling Shareholders as on the date of the Prospectus is as follows:
Name |
Number of Equity Shares |
Average cost of acquisition per Equity Share<1) (in |
| Individual Selling Shareholders | ||
| Manish Gupta | 22,575,672 |
0.05 |
| Dr. Rajesh Bhaskaran Nair | 20,301,204 |
0.11 |
| Anita Nair | 1,376,298 |
Negligible121 |
| Investor Selling Shareholders | ||
| Vida Trustees Private Limited (Trustee of Fig Tree Trust) in its capacity as partner of Group Life Spring | 9,188,802 |
93.71131 |
| BPC Genesis Fund 1 SPV, Ltd. | 17,717,910 |
201.48 |
| BPC Genesis Fund l-ASPV, Ltd. | 9,190,178 |
201.48 |
| CA Dawn Investments | 45,531,837 |
201.48 |
1) As certified by Manian & Rao. Chartered Accountants, by way of certificate dated May 9, 2024.
2) Less than 0.01.
3) During the year ended March 31 2021, the Group has demerged its Commercial Software Business ('Demerged Business') pursuant to a scheme of arrangement ("Scheme") for transfer of the Demerged Business to OT Services Private Limited ("Resulting Company"). The Resulting Company issued either its equity or redeemable preference shares in consideration to each shareholder of the Group on a proportionate basis. The Scheme has been approved by the National Company Law Tribunal (‘NCLT) with the appointed date of October 1,2020. The consideration paid by Vida Trustees for acquisition ofOCCPS in the company has been proportionately adjusted to give impact of the demerged for the purpose of calculating weighted average cost of acquisition.
16. WACA, Floor Price and Cap Price
| Past Transactions | Weighted average cost of acquisition (in | Floor Price (inRs.) | Cap Price (inRs.) |
| WACA of Primary Transactions | Nil | N.A. | N.A. |
| WACA of Secondary Transactions | 437.03 | 0.98 times | 1.03 times |
As certified by Manian & Rao, Chartered Accountants pursuant to certificate dated May 9, 2024
17. The 4 BRLMs associated with the Offer have handled 26 public issues in the past three years out of which 5 issues closed below the issue price on listing date.
| Name of the BRLMs | Total Issues | Issues closed below IPO Price on listing date |
| Kotak Mahindra Capital Company Limited* | 11 | 1 |
| Citi Global Markets India Private Limited* | 2 | - |
| J.P. Morgan India Private Limited* | 1 | - |
| Nomura Financial Advisory and Securities (India) Private Limited* | 2 | 1 |
| Common Issues handled by the BRLMs | 10 | 3 |
| Total | 26 | 5 |
'Issues handled where there were no common BRLMs
| BID/OFFER PROGRAMME: |
| ANCHOR INVESTOR BIDDING DATE OPENED AND CLOSED ON: FRIDAY, MAY 3, 2024 |
| BID/OFFER OPENED ON : MONDAY, MAY 6, 2024 |
| BID/OFFER CLOSED ON : WEDNESDAY, MAY 8, 2024 |
This Offer was made in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBIICDR Regulations. This Offer was made through the Book Building Process and is in compliance with Regulation 6(1) of the SEBI ICDR Regulations wherein in terms of Regulation 32(1) of the SEBI ICDR Regulations, not more than 50% of the Net Offer was available for allocation on a proportionate basis to Qualified Institutional Buyers CQIBs', and such portion, the "QIB Portion') provided that our Company in consultation with the BRLMs, allocated up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations ("Anchor Investor Portion* *), of which at least one- third was available for allocation to domestic Mutual Funds, subject to valid Bids having been received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares was added to the Net QIB Portion. Further, 5% of the Net QIB Portion was available for allocation on a proportionate basis only to Mutual Funds and the remainder of the Net QIB Portion was available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors) including Mutual Funds, subject to valid Bids having been received at or above the Offer Price. Further, not less than 15% of the Net Offer was available for allocation to Non-institutional Bidders of which (a) one-third of such portion was reserved for applicants with application size of more than *200,000 and up to *1.000.000; and (b) two-third of such portion was reserved for applicants with application size of more than
*1,000,000, provided that the unsubscribe portion in either of such sub-categories could have been allocated to applicants in the other subcategory of Non-institutional Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids having been received above the Offer Price, and not less than 35% of the Net Offer was available for allocation to Retail Individual Bidders ( RIBs') in accordance with the SEBI ICDR Regulations, subject to valid Bids having been received from them at or above the Offer Price. However, if the aggregate demand from Mutual Funds was less than 5% of the QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion would be added to the remaining QIB Portion for proportionate allocation to QIBs. Further. Equity Shares were allocated on a proportionate basis to Eligible Employees who applied under the Employee Reservation Portion, subject to valid Bids having been received from them at or above the Offer Price. All Bidders (except Anchor Investors) were required to mandatory utilize the Application Supported by Blocked Amount ("ASBA") process by providing details of their respective ASBA accounts (including UPI ID for UPI Bidders using UPI Mechanism) (as defined hereinafter) in which the Bid Amount was blocked by the SCSBs or the Sponsor Banks, as applicable, to participate in the Offer. Anchor Investors were not permitted to participate in the Anchor Investor Portion of the Offer through the ASBA process. For details, see "Offer Procedure* on page 362 of the Prospectus.
The bidding for Anchor Investor opened and closed on Friday May 3, 2024. The company received 36 applications from 28 anchor investors for 1,23,86,814 Equity Shares. The Anchor investor price was finalized at *452 per Equity Share. Atotal of 1,21.41,102 shares were allocated under the Anchor Investor Portion aggregating to Rs. 5,48.77,78,104.00/-
The Offer (post Anchor) received 29,31,413 applications for 2,02,80,65.226 Equity Shares (prior to rejections) resulting in 70.85 times subscription. The details of the applications received in the Offer (post Anchor) from various categories are as under: (before rejections):
Sr. No. |
Category |
No of Applications received |
No. of Equity Shares applied |
No. of Equity Shares available for allocation (as per Prospectus) |
No. of times Subscribed |
Amount (*) |
A |
Retail Individual Bidders | 26,01,306 |
12,24,21,750 |
1,41,64.620 |
8.64 |
55,33,96,92,837,00 |
B |
Non-lnstitutional Bidders - More than *0.20 million Up to *1.00 million | 1,89,336 |
9,31,66,590 |
20,23,518 |
46.04 |
42,11,03,74,185,00 |
C |
Non-lnstitutional Bidders - Above *1.00 million | 1,07,643 |
25,42,61,502 |
40,47,034 |
62.83 |
1,14,92,53,42,290,00 |
D |
Eligible Employees | 32,933 |
20,95,632 |
2,96,208 |
7.07 |
88,36,55,883,00 |
E |
Qualified Institutional Bidders (excluding Anchors Investors) | 195 |
1,55,61,19,752 |
80,94,068 |
192.25 |
7,03,36,61,27,904,00 |
| TOTAL | 29,31,413 |
2,02,80,65,226 |
2,86,25,448 |
70.85 |
9,16,62,51,93,099,00 |
Final Demand
A summary of the final demand as at different Bid prices is as under:
Sr. No. |
Bid Price |
No. of Equity Shares |
% to Total |
Cumulative Total |
Cumulative % to Total |
1 |
430 |
5,10,807 |
0.02 |
5,10,807 |
0.02 |
2 |
431 |
20,130 |
0.00 |
5,30,937 |
0.03 |
3 |
432 |
34,617 |
0.00 |
5,65,554 |
0.03 |
4 |
433 |
13,431 |
0.00 |
5,78,985 |
0.03 |
5 |
434 |
7,458 |
0.00 |
5,86,443 |
0.03 |
6 |
435 |
61,050 |
0.00 |
6,47,493 |
0.03 |
7 |
436 |
5,445 |
0.00 |
6,52,938 |
0.03 |
8 |
437 |
6,699 |
0.00 |
6,59,637 |
0.03 |
9 |
438 |
7,194 |
0.00 |
6,66,831 |
0.03 |
10 |
439 |
5,742 |
0.00 |
6,72,573 |
0.03 |
11 |
440 |
1,66,188 |
0.01 |
8,38,761 |
0.04 |
12 |
441 |
34,848 |
0.00 |
8,73,609 |
0.04 |
13 |
442 |
24,552 |
0.00 |
8,98,161 |
0.04 |
14 |
443 |
3,960 |
0.00 |
9,02,121 |
0.04 |
15 |
444 |
19,833 |
0.00 |
9,21,954 |
0.04 |
16 |
445 |
67,155 |
0.00 |
9,89,109 |
0.05 |
17 |
446 |
11,451 |
0.00 |
10,00,560 |
0.05 |
18 |
447 |
9,504 |
0.00 |
10,10,064 |
0.05 |
19 |
448 |
38,247 |
0.00 |
10,48,311 |
0.05 |
20 |
449 |
14,520 |
0.00 |
10,62,831 |
0.05 |
21 |
450 |
2,59,083 |
0.01 |
13,21,914 |
0.06 |
22 |
451 |
2,20,902 |
0.01 |
15,42,816 |
0.07 |
23 |
452 |
1,93,18,79,070 |
93.77 |
1,93,34,21,886 |
93.85 |
24 |
9.999 |
12,67,70,523 |
6.15 |
2,06,01,92,409 |
100.00 |
TOTAL |
2,06,01,92,409 |
100.00 |
The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being NSE on May 9, 2024.
A. Allotment to Retail Individual Investors (After Rejections) (including ASBA Applications)
The Basis of Allotment to the Retail Individual Bidders, who have bid at the Cut-Off Price or at the Offer Price of Rs.452 per Equity Share, was finalized in consultation with the NSE. This category has been subscribed to the extent of 8.25 times. The total number of Equity Shares Allotted in Retail Portion is 1,41,64,620 Equity Shares to 4,29,230 successful Retail Individual Bidders. The category-wise details of the Basis of Allotment are as under:
| Sr. No. | Category | No. of Applications Received | % of Total | Total No. of Equity Shares Applied | % to Total | No. of Equity Shares Allotted per Bidder | Ratio | Total No. of Equity Shares Allotted |
| 1 | 33 | 22,00,565 | 88.71 | 7,26,18,645 | 62.14 | 33 | 95:549 | 1,25,66,070 |
| 2 | 66 | 1,23,473 | 4.98 | 81,49,218 | 6.97 | 33 | 95:549 | 7,05,078 |
| 3 | 99 | 47,178 | 1.90 | 46,70,622 | 4.00 | 33 | 95:549 | 2,69,412 |
| 4 | 132 | 17,306 | 0.70 | 22,84,392 | 1.95 | 33 | 95:549 | 98,835 |
| 5 | 165 | 16,561 | 0.67 | 27,32,565 | 2.34 | 33 | 95.549 | 94,578 |
| 6 | 198 | 9,055 | 0.37 | 17,92,890 | 1.53 | 33 | 95:549 | 51,711 |
| 7 | 231 | 9,295 | 0.37 | 21,47,145 | 1.84 | 33 | 95:549 | 53,064 |
| 8 | 264 | 3,906 | 0.16 | 10,31,184 | 0.88 | 33 | 95:549 | 22,308 |
| 9 | 297 | 2,284 | 0.09 | 6,78,348 | 0.58 | 33 | 95:549 | 13,035 |
| 10 | 330 | 9,084 | 0.37 | 29,97,720 | 2.57 | 33 | 95:549 | 51,876 |
| 11 | 363 | 1,471 | 0.06 | 5,33,973 | 0.46 | 33 | 95:549 | 8,382 |
| 12 | 396 | 2,200 | 0.09 | 8,71,200 | 0.75 | 33 | 95:549 | 12,573 |
| 13 | 429 | 38,119 | 1.54 | 1,63,53,051 | 13.99 | 33 | 95:549 | 2,17,668 |
| 48.440 Allottees from Serial no 2 to 13 Additional 1(one) share | 1 | 30:48440 | 30 | |||||
| TOTAL | 24,80,497 | 100.00 | 11,68,60,953 | 100.00 | 1,41,64,620 | |||
B. Allotment to Non-institutional Bidders (more than Rs, 0.20 million and up to Rs,1.00 million) (After Rejections) (including ASBA Applications)
The Basis of Allotment to the Non-institutional Bidders (more than Rs.0.20 million Up to *1.00 million), who have bid at the Offer Price of Rs, 452 per Equity Share or above, was finalized in consultation with NSE. This category has been subscribed to the extent of 44.98 times. The total number of Equity Shares allotted in this category is 20.23.518 Equity Shares to 4.379 successful applicants. The category-wise details of the Basis of Allotment are as under: (Sample)
Sr. No. |
Category |
No. of Applications Received |
%of Total |
Total No. of Equity Shares Applied |
% to Total |
No. of Equity Shares Allotted per Bidder |
Ratio |
Total No. of Equity Shares Allotted |
1 |
462 |
1,73,648 |
93.81 |
8,02,25,376 |
88.14 |
462 |
4:169 |
18,98,358 |
2 |
495 |
3,227 |
1.74 |
15,97,365 |
1.76 |
463 |
76:3227 |
35,188 |
3 |
528 |
713 |
0.39 |
3,76,464 |
0.41 |
463 |
17:713 |
7,871 |
4 |
561 |
373 |
0.20 |
2,09,253 |
0.23 |
463 |
9:373 |
4,167 |
5 |
594 |
352 |
0.19 |
2,09,088 |
0.23 |
463 |
8:352 |
3,704 |
22 |
1,155 |
77 |
0.04 |
88,935 |
0.10 |
463 |
2:77 |
926 |
23 |
1,188 |
52 |
0.03 |
61,776 |
0.07 |
463 |
1:52 |
463 |
24 |
1,221 |
25 |
0.01 |
30,525 |
0.03 |
463 |
1:25 |
463 |
25 |
1,287 |
32 |
0.02 |
41,184 |
0.05 |
463 |
1:32 |
463 |
26 |
1,320 |
134 |
0.07 |
1,76,880 |
0.19 |
463 |
3:134 |
1,389 |
513 |
1,947 |
7 |
0.00 |
13,629 |
0.01 |
463 |
0:7 |
0 |
514 |
2,013 |
18 |
0.01 |
36,234 |
0.04 |
463 |
0:18 |
0 |
515 |
2,046 |
10 |
0.01 |
20,460 |
0.02 |
463 |
0:10 |
0 |
516 |
2,079 |
14 |
0.01 |
29,106 |
0.03 |
463 |
0:14 |
0 |
517 |
2,112 |
9 |
0.00 |
19,008 |
0.02 |
463 |
0:9 |
0 |
518 |
All applicants from Serial no 501 to 517 for 1 (one) lot of 463 shares |
463 |
3:221 |
1,389 |
||||
519 |
270 Allottees from Serial no 2 to 518 Additional 1(one) share |
1 |
15:27 |
150 |
||||
TOTAL |
1,85,102 |
100.00 |
9,10,16,970 |
100.00 |
20,23,518 |
|||
C. Allotment to Non-institutional Bidders (more than Rs. 1.00 million) (After Rejections) (including ASBA Applications)
The Basis of Allotment to the Non-institutional Bidders (more than Rs. 1.00 million), who have bid at the Offer Price of 1452 per Equity Share or above, was finalized in consultation with NSE This category has boon subscribed to the extent of 62.17 times The total number of Equity Shares allotted in this category is 40.47,034 Equity Shares to 8.759 successful applicants. The category-wise details of the Basis of Allotment are as under: (Sample)
Sr. No. |
Category |
No. of Applications Received |
%of Total |
Total No. of Equity Shares Applied |
%to Total |
No. of Equity Shares Allotted per Bidder |
Ratio |
Total No. of Equity Shares Allotted |
1 |
2.244 |
1,01,944 |
95.68 |
22,87,62,336 |
90.92 |
462 |
31:377 |
38,72,022 |
2 |
2.277 |
853 |
0.80 |
19,42 281 |
0.77 |
462 |
70:853 |
32,340 |
3 |
2.310 |
869 |
0.82 |
20,07,390 |
0 80 |
462 |
71:869 |
32,802 |
4 |
2.343 |
181 |
0.17 |
4,24,083 |
0.17 |
462 |
15:181 |
6,930 |
5 |
2.376 |
173 |
0.16 |
4,11,048 |
0.16 |
462 |
14:173 |
6,468 |
1022 |
4,818 |
3 |
0.00 |
14,454 |
0.01 |
462 |
0:3 |
0 |
1023 |
4.884 |
1 |
0.00 |
4,884 |
0.00 |
462 |
0:1 |
0 |
1024 |
4.983 |
4 |
0.00 |
19,932 |
0.01 |
462 |
0:4 |
0 |
1025 |
5.049 |
1 |
0.00 |
5,049 |
0.00 |
462 |
0:1 |
0 |
1026 |
5,082 |
2 |
0.00 |
10,164 |
000 |
462 |
0:2 |
0 |
1238 |
1,76.979 |
1 |
0.00 |
1,76,979 |
0.07 |
462 |
0:1 |
0 |
1239 |
2,21,232 |
1 |
0.00 |
2,21,232 |
0 09 |
462 |
0:1 |
0 |
1240 |
6.63,696 |
1 |
0.00 |
6,63,696 |
026 |
462 |
0:1 |
0 |
1241 |
All applicants from Serial no 1.001 to 1,240 for 1 (one) lot of 462 shares |
462 |
33:433 |
15.246 |
||||
1242 |
8.759 Allottees from Serial no 1 to 1,241 Additional 1(one) Share |
1 |
3:70 |
376 |
||||
TOTAL |
1.06,546 |
100.00 |
25,16,14.473 |
100.00 |
40,47,034 |
|||
D. Allotment to Employee Reservation (After Rejections) (including ASBA Applications)
The Basis of Allotment to the Eligible Employees, who have bid at the Offer Price (net of Employee Discount i.e. Rs. 30 per Equity Share) was finalized in consultation with the NSE. This category has been subscribed to the extent of 1.04 times on an overall basis. The total number of Equity Shares Allotted in this category is 2.96,208 Equity Shares to 1.378 successful Eligible Employees. The category-wise details of the Basis of Allotment are as under:
Eligible Employees below f 0.20 million
Sr. No. |
Category |
No. of Applications Received |
%of Total |
Total No. of Equity Shares Applied |
%to Total |
No. of Equity Shares Allotted per Bidder |
Ratio |
Total No. of Equity Shares Allottod |
1 |
33 |
367 |
30.71 |
12,111 |
5 27 |
33 |
1:1 |
12,111 |
2 |
66 |
159 |
13.31 |
10,494 |
457 |
66 |
1:1 |
10494 |
3 |
99 |
95 |
795 |
9,405 |
4 09 |
99 |
1:1 |
9,405 |
4 |
132 |
70 |
5.86 |
9,240 |
4 02 |
132 |
1:1 |
9,240 |
5 |
165 |
49 |
4.10 |
8,085 |
352 |
165 |
1:1 |
8,085 |
6 |
198 |
24 |
2.01 |
4,752 |
2.07 |
198 |
1:1 |
4,752 |
7 |
231 |
45 |
3.77 |
10,395 |
4 52 |
231 |
1:1 |
10,395 |
B |
264 |
20 |
1.67 |
5,280 |
2.30 |
264 |
1:1 |
5280 |
9 |
297 |
13 |
1.09 |
3,861 |
1.68 |
297 |
1:1 |
3,861 |
10 |
330 |
23 |
1.92 |
7,590 |
330 |
330 |
1:1 |
7,590 |
11 |
363 |
13 |
1.09 |
4,719 |
205 |
363 |
1:1 |
4,719 |
12 |
396 |
14 |
1.17 |
5,544 |
2 41 |
396 |
1:1 |
5,544 |
13 |
429 |
52 |
4.35 |
22,308 |
971 |
429 |
1:1 |
22,308 |
14 |
462 |
68 |
5.69 |
31,416 |
1367 |
462 |
1:1 |
31,416 |
15 |
495 |
31 |
2.59 |
14,322 |
623 |
462 |
1:1 |
14,322 |
16 |
528 |
10 |
0.84 |
4,620 |
2.01 |
462 |
1:1 |
4,620 |
17 |
561 |
2 |
0.17 |
924 |
0 40 |
462 |
1:1 |
924 |
18 |
594 |
5 |
0.42 |
2,310 |
1.01 |
462 |
1:1 |
2,310 |
19 |
627 |
2 |
0.17 |
924 |
0 40 |
462 |
1:1 |
924 |
20 |
660 |
6 |
0.50 |
2,772 |
1.21 |
462 |
1:1 |
2,772 |
21 |
693 |
3 |
0.25 |
1,386 |
060 |
462 |
1:1 |
1,386 |
22 |
726 |
5 |
0.42 |
2,310 |
1 01 |
462 |
1:1 |
2,310 |
23 |
759 |
5 |
0.42 |
2,310 |
1 01 |
462 |
1:1 |
2,310 |
24 |
825 |
5 |
0.42 |
2,310 |
1.01 |
462 |
1:1 |
2,310 |
25 |
924 |
3 |
0.25 |
1,386 |
060 |
462 |
1:1 |
1,386 |
26 |
957 |
7 |
0.59 |
3,234 |
1.41 |
462 |
1:1 |
3234 |
27 |
990 |
3 |
0.25 |
1,386 |
060 |
462 |
1:1 |
1,386 |
28 |
1.023 |
1 |
0.08 |
462 |
020 |
462 |
1:1 |
462 |
29 |
1.056 |
4 |
0.33 |
1,848 |
080 |
462 |
1:1 |
1,848 |
30 |
1.089 |
39 |
326 |
18,018 |
784 |
462 |
1:1 |
18,018 |
31 |
1.122 |
2 |
0.17 |
924 |
0 40 |
462 |
1:1 |
924 |
32 |
1,155 |
50 |
4.18 |
23,100 |
10 05 |
462 |
1:1 |
23,100 |
TOTAL |
1.195 |
100.00 |
2,29,746 |
100.00 |
2,29,746 |
Eligible Employees between t 0.20 million to t 0 50 million
Sr. No. |
Category |
No. of Applications Received |
%of Total |
Total No. of Equity Shares Applied |
%toTotal |
No. of Equity Shares Allotted per Bidder |
Ratio |
Total No. of Equity Shares Allotted |
1 |
495 |
31 |
16.94 |
1,023 |
1.29 |
28 |
1:1 |
868 |
2 |
528 |
10 |
5.46 |
660 |
083 |
55 |
1:1 |
550 |
3 |
561 |
2 |
1.09 |
198 |
0 25 |
83 |
1:1 |
166 |
4 |
594 |
5 |
2.73 |
660 |
083 |
111 |
1:1 |
555 |
5 |
627 |
2 |
1.09 |
330 |
0.42 |
139 |
1:1 |
278 |
6 |
660 |
6 |
3.28 |
1,188 |
1 50 |
166 |
1:1 |
996 |
7 |
693 |
3 |
1.64 |
693 |
088 |
194 |
1:1 |
582 |
8 |
726 |
5 |
2.73 |
1,320 |
1.67 |
222 |
1:1 |
1,110 |
9 |
759 |
5 |
2.73 |
1,485 |
1 88 |
249 |
1:1 |
1,245 |
10 |
825 |
5 |
2.73 |
1,815 |
2 29 |
305 |
1:1 |
1,525 |
11 |
924 |
3 |
1.64 |
1,386 |
1.75 |
388 |
1:1 |
1,164 |
12 |
957 |
7 |
3.83 |
3,465 |
4 38 |
415 |
1:1 |
2,905 |
13 |
990 |
3 |
1.64 |
1,584 |
200 |
443 |
1:1 |
1,329 |
14 |
1.023 |
1 |
0.55 |
561 |
071 |
471 |
1:1 |
471 |
IS |
1,056 |
4 |
2.19 |
2,376 |
300 |
499 |
1:1 |
1,996 |
16 |
1.089 |
39 |
21.31 |
24,453 |
30 89 |
526 |
1:1 |
20,514 |
17 |
1.122 |
2 |
1.09 |
1,320 |
1 67 |
554 |
1:1 |
1,108 |
18 |
1,155 |
50 |
27.32 |
34,650 |
43 77 |
582 |
1:1 |
29,100 |
TOTAL |
183 |
100.00 |
79,167 |
100.00 |
66,462 |
E. Allotment to QIBs
Allotment to QIBs who have Bid at the Offer Price of Rs. 452 per Equity Share or above, has been done on a proportionate basis in consultation with the NSE. This category has been subscribed to the octant of 192.25 times of QIB Portion As per the SEBI Regulations, Mutual Funds were Allotted 5% of the Equity Shares of QIB Portion available i.e.. 4.04.704 Equity Shares and other QIBs and unsatisfied demand of Mutual Funds wore Allotted the remaining available Equity Shares i o . 76,89.364 Equity Shares on a proportionate basis The total number of Equity Shares Allotted in the QIB Portion is 80,94.068 Equity Shares which were allotted to 195 successful QIB Investors. The category-wise details of the Basis of Allotment are as under
| CATEGORY | FIS/BANKS | MF'S | IC'S | NBFC'S | AIF | - FPC | VC'S | TOTAL |
| ALLOTMENT | 30,15.562 | 6,51,822 | 1,67,163 | 8,24,690 | 4,70,477 | 29,64,354 | - | 80,94,068 |
F. Allotment to Anchor Investors
The Company, in consultation with the BRIMs have allocated 1,21.41.102 Equity Shares to 28 Anchor Investors (through 36 Applications) at the Anchor Investor Offer Price of t 452 per Equity Share m accordance with the SEBI Regulations This represents 60% of the QIB Portion.
| CATEGORY | FIS/8ANKS | MF'S | IC'S | NBFC'S | AIF | FPC | OTHERS | TOTAL |
| ALLOTMENT | - | 48,05,156 | 6,61,372 | - | 11,21,598 | 55,52,976 | - | 1,21,41,102 |
The IPO Committee of our Company on May 10. 2024 has taken on record the Bas<s of Allotment of Equity Shares approved by the Designated Stock Exchange, being NSE and has allotted the Equity Shares to various successful Bidders The Allotment Advice-cum- Intimations and/or notices will be dispatched to the address of the investors as registered with the depositories. Further, the instructions to the Self Certified Syndicate Banks for unblocking of funds, transfer to Public Issue Account have been issued on May 09, 2024 and payment to non-Syndicate brokers have been issued on May 10. 2024. In case the same is not received within ten days, investors may contact the Registrar to the Offer at die address given below The Equity Shares Allotted to the successful Allot tees have been uploaded on May 10, 2024 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company has filed the Listing application with BSE and NSE on May 10, 2024. The Company has received listing and trading approval from BSE and NSE and the trading will commence on or about May 13.2024.
Note: All capitalized terms used and not specifically defined herein shall have the same meaning as ascribed to them in the Prospectus.
INVESTORS PLEASE NOTE
The details of the allotment made will be hosted on the website of the Registrar to the Offer. Link Intime India Private Limited at www.linkintime.co.in
All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the First/ sole Bidder. Bid cum Application Form number. Bidder DP ID. Client ID. PAN. Date of submission of Bid cum Application Form, address of the Bidder, number of Equity Shares applied for. The name and address of the Designated Intermediary where the Bid cum Application Form was submitted by the Bidder and a copy of the Acknowledgment Slip received from the Designated Intermediary at the address given below
 |
| Link Intime India Private Limited |
| C-101. 1st Floor. 247 Park. L B S. Marg. Vikhroli West. Mumbai - 400 083. Maharashtra. India |
| Tel: + 91 810 811 4949 |
| E-mail: indegene.ipo@linkintime.co.in |
| Website: www.linkintime.co.in |
| Investor grievance email: indegene.ipo@linkintime.co.in |
| Contact person: Shanti Gopalknsbnan |
| SEBI Registration Number: INR000004058 |
CORRIGENDUM NOTICE TO INVESTORS |
| This corrigendum is with reference to the Red Herring Prospectus dated April 26. 2024 (~RHP*) filed in relation to the Offer. In this regard, please note, in the chapter 'Material Contracts and Documents for Inspection' on page 394 of the RHP. the dale of the Industry Report issued by Everest which has been commissioned by the Company exclusively for the purposes of the Offer should be read as March 20. 2024 and not March 21.2024. |
For INDEGENE LIMITED |
|
On behalf of the Board of Directors |
|
Sd'- |
|
| Place: Bengaluru | Srishti Ramesh Kaushik |
| Date: May 10, 2024 | Company Secretary and Compliance Officer |
THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF INDEGENE LIMITED
INDEGENE LIMITED has filed a Prospectus dated May 9.2024 with RoC. The Prospectus is available on the website of SEBI at www.sebi.gov.in. the websites of the Stock Exchanges Le.. BSE and NSE at www.bseindia.com and www.nseindia.com. respectively, on the website of the Company at www.indegene.com and is available on the websites of the BRLMs. i.e., Kotak Mahindra Capital Company Limited. City group Global Markets India Private Limited. J.P. Morgan India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited at https://investmentbank.kotak.com. www.online.citibankco.in/rhtm/citigroupglobalscreen1.him, www.jpmipl.com and www.nomuraholdings.com/company/group/group/asia/india/index.html. respectively. Investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, please see the section titled ‘Risk Factors" on page 25 of the Prospectus Investors should not rely on the DRHP filed with SEBI. but instead rely on the RHP for making any investment decision
The Equity Shares offered In the Offer have not been and will not be registered under the US Securities Act of 1933, as amended ('U.S. Securities Act'), or any other applicable law of the United States and. unless so registered may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to. the registration requirements of the U S. Securities Act and applicable state securities laws Accordingly, the Equity Shares are being offered and sold (i) within the United States only to persons reasonably believed to be 'qualified institutional buyers' (as defined in Rule 144 A under the U S. Securities Act) pursuant to Section 4(a) of the U S. Securities Act. and (ii) outside the United States in "offshore transactions' as defined in and in compliance with Regulation S under the U S. Securities Act and the applicable laws of the jurisdiction where those offers and sales are made. There will be no public offering of the Equity Shares in the United States.
