return to news
  1. Upstox
    /
  2. News
    /
  3. Market News
    /
  4. IPO
    /
  5. Indegene IPO: Listing date today, experts see 65% gain for allottees; check GMP, other details

Market News

Indegene IPO: Listing date today, experts see 65% gain for allottees; check GMP, other details

Upstox
By Upstox News Desk

3 min read | Updated on May 13, 2024, 08:32 IST

Twitter Page
Linkedin Page
Whatsapp Page

SUMMARY

The GMP, as per the latest reports, hovered at around ₹301 per share. Combining the GMP with the upper price band of the IPO – ₹452 per share – the expected listing price stands at ₹753, analysts pointed out.

Indegene shares will be listed on both the main exchanges, the NSE and the BSE

Indegene shares will be listed on both the main exchanges, the NSE and the BSE

The shares of Indegene, a Bengaluru-based digital services provider for life sciences industry, are set to be listed on the bourses today (May 13) following an initial public offering (IPO) that was oversubscribed 70 times.
Open FREE Demat Account within minutes!
Join now

Ahead of the listing, experts see gains of up to 65% for the IPO share allottees. Market analysts who spoke to the media were bullish on Indegene, noting that as per the response received by the offer, the listing price is likely to be in the range of ₹740 to ₹760 per share.

A co-founder of an asset management company told Mint that the company’s listing price is expected to remain significantly high, in proportion to its FY24 earnings. It still remains a reasonably priced offering, since Indegene holds a crucial niche segment in the life sciences industry, he added, further noting that the upper end of the listing price is anticipated at ₹760 per share.

Notably, Indegene had clocked a net profit of ₹241.9 crore in the nine-month period ended December 31, 2023, and its revenue in the same period stood at ₹1,969.7 crore.

The company launched its IPO this month, with the window for subscription opening on May 6 and closing on May 8. The price band was fixed in the range of ₹430 to ₹452 per share.

Indegene IPO: What’s the latest GMP?

GMP or the grey market premium indicates the unofficial trading value of the shares, before they are listed on the exchanges. According to reports, the premium stood at ₹290 per share over the weekend, and has climbed by another ₹11 on Monday, ahead of the listing.

The GMP, as per the latest reports, hovered at around ₹301 per share. Combining the GMP with the upper price band of the IPO – ₹452 per share – the expected listing price stands at ₹753, analysts pointed out. This would mark a 67% listing gain for the IPO share allottees.

Also Read | IPO shares allotment finalised on May 9: Check details here

Indegene IPO subscription

Indegene Limited public offer received a bumper response from investors with the issue getting subscribed by more than 69 times. According to exchange data, investors placed bids for 201.13 crore equity shares against 2.88 crore shares on offer.

Qualified Institutional buyers placed applications for 155.98 crore equity shares against the quota of 78.95 lakh shares, resulting in oversubscription of 197.55 times.

Non Institutional Investors’ portion was booked 54.70 times. Bids for 33.90 crore equity shares were placed against 61.97 lakh equity shares on offer.

Retail Individual Investors’ category was booked 5.74 times. Bids for 11.04 crore equity shares were received against 1.44 crore shares on offer.

Shares reserved for employees were oversubscribed by 6.25 times. Bids for 19.53 lakhs shares poured in against 3,12,500 on offer.

SIP
Consistency beats timing.
promotion image

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

Next Story