There is a new listing on the bourses today – Indegene. As against the IPO price of Rs.452, it got listed on the BSE at Rs.659.70 and is now trading at Rs.555 levels.

The IPO had met with a very good repose with overall subscription at 69.66x, with giant portion of the pie being taken by QIBs at 197.55x, HNIs at 554.68x and Retail at 7,62x.

Indegene provides digital services to life sciences industry such as drug development, clinical trials, regulatory submissions, complaints management, sales and marketing etc., through 5,200 employees. 2/3rd of Rs. 2,500 cr revenue comes top 20 global biopharma companies, and geographically, 66+% revenue is from US. But it is immune from US FDA regulations, as does not own manufacturing facilities.  

Our conclusion in the IPO Analysis - Indegene’s short term outlook is positive on sound fundamentals and attractive pricing. But shareholding structure and lack of identifiable promoter do not qualify it for long term portfolio.