Indegene IPO listing: Equities is anticipated to list at 40–65% premium rate on May 13

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Business

By Sneha Sengupta On May 10, 2024

On May 13, the Indegene stock is anticipated to make a respectable market debut. Analysts predict that the shares would list between Rs 700 and Rs 760, 40–65 percent above the IPO price.

The shares were trading in the grey market, an unofficial environment where shares begin trading prior to the allotment in the IPO and continue to trade until the listing day, for a premium of 61 percent prior to the listing. The grey market premium (GMP) is what most investors follow in order to estimate the listing price.

“Considering the strong subscription demand on the last day of the issue with QIB demand raised to 192x gives good room for healthy listing gain in the range of 40-50 percent and even above against the issue price,” stated Prashanth Tapse, Research Analyst, Sr VP Research at Mehta Equities, as reported by Moneycontrol.

A new issue of shares valued at Rs 760 crore and an offer to sell 2.39 million shares valued at Rs 1,081.76 crore made up the Rs 1,841.76 crore public offer at price range per share of Rs 430–452.

Investors purchased 201.81 crore equity shares versus the 2.88 crore shares on offer between May 6 and May 8, resulting in a 69.91 times subscription to the issuance. High net worth individuals, or non-institutional investors, took the lead with 55.07 times the reserved amount, being followed by qualified institutional buyers, or QIBs, with 197.55 times the fraction set aside for them. There were 7.95 bookings for the retail investor segment.

“We anticipate a listing price range of approximately Rs 740-760 per share, potentially yielding a listing gain of around 65 percent,” mentioned Amit Goel, Co-Founder & Chief Global Strategist in Pace 360.

“We expect shares to list at around Rs 700 implying an upside of about 55 percent. Indegene is a provider of digital-led commercialization services for the life sciences industry and we expect the company’s strong digital capabilities and in-house developed technology portfolio to propel growth,” added Prathamesh Masdekar, Research Analyst at StoxBox.

Disclaimer: The opinions and financial advice shared here are informative. It is advised to consult with qualified specialists before to making any financial decisions.

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