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Indegene IPO: Analyzing GMP, subscription status, and review for potential investors
Learn about the Indegene IPO, including subscription status, price band, analyst reviews, and more. Is this a viable investment opportunity? Find out now!
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Indegene IPO breaks tradition of slow May markets offering investors an opportunity during elections
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Early indications show strong demand with oversubscription across retail and institutional segments
Indegene Limited's Initial Public Offering (IPO) has sparked interest in the Indian primary market, as it is the first IPO to be launched in May in the last four Lok Sabha election cycles, as per an Economic Times report. Typically, from April to June, there is a slowdown in primary market activity due to election-related uncertainty. However, the Indegene IPO deviates from this trend, following the recent launch of the JNK India IPO.
The digital service provider plans to raise ₹1841.76 crore through an IPO priced between ₹430 and ₹452 per share. This IPO is a mix of fresh shares and offers for sale (OFS), with ₹760 crore targeted for fresh share issuance, indicating the company's growth plans, and the remaining ₹1081.76 crore reserved for the OFS route, providing an exit opportunity for current shareholders.
Subscription status
As of 2:54 PM on the first day of bidding, the Indegene IPO had been subscribed 1.02 times overall, with the retail portion oversubscribed by 1.11 times and the Non-Institutional Investor (NII) portion booked 2.11 times. This early subscription trend suggests that investors are highly interested in the IPO, indicating a positive market sentiment. 
Indegene IPO details
Price range: ₹430-452 per share.
Issue dates: The book build issue opened on May 6, 2024, and will close on May 8, 2024.
Lot size: Each lot of the Indegene IPO contains 33 company shares.
The allotment date: Likely to be May 9, 2024.
Registrar name: Link Intime India Private Limited.
Listing: Proposed for listing on the BSE and NSE, with the most likely listing date of May 13, 2024, under the 'T+3 listing rule'.
Analyst reviews and recommendations
Analysts and market experts have expressed optimism about the Indegene IPO, advising investors to consider subscribing. Prathamesh Masdekar, Research Analyst at StoxBox, stated Indegene's position as a provider of digital-led commercialization services for the life sciences industry, which is on a solid growth trajectory. Masdekar cited the company's revenue growth at a CAGR of 54.5% in FY21-23 and stated its strategic approach to client relationships and market expansion.
Amit Goel, Co-Founder and Chief Global Strategist at Pace 360, expressed similar sentiments, advising investors to apply for the IPO due to the significant premium in the grey market and potential listing gains. Other brokerage firms, including BP Equities, Indsec Securities, SBICAP Securities, SMIFS, and Ventura Securities, have all given the Indegene IPO a 'buy' rating, adding to the positive investor sentiment.
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