Public Issue Gets Tepid Response; Offer Subscribed 12%

Sagility India Ltd., a provider of technology-enabled healthcare services, opened its initial public offering (IPO) to subscriptions. The offering opened on Tuesday, November 5, and will end on November 7, and has price band between Rs 28 and Rs 30 per equity share.

A total of 70.22 crore shares, valued at Rs 2,106.60 crore, are being offered for sale in the Bengaluru-based company’s first share sale, which does not include a fresh issue component.

Total subscription across category

According to consolidated bid data on the NSE, retail investors are keeping about 61 per cent of the portion reserved for them. Compared to 98 per cent of the employee quota, only 2 per cent of the non-institutional investor portion was booked. Of the 10.50 crore shares they had set aside for qualified institutional buyers, or QIBs, 25.21 lakh shares were put up for bid.

Anchor investors

Investors including Nomura Funds Ireland, Florida Retirement System—Allspring Global Investments, Government Pension Fund Global, LLC (EMSC), Goldman Sachs (Singapore) Pte, and Amundi Funds New Silk Road contributed over Rs 945 crore to the company’s anchor round on Monday.

Participating in the anchor bidding were HDFC Mutual Fund (MF), Motilal Oswal MF, ICICI Prudential MF, ICICI Prudential Life Insurance Company, and Max Life Insurance Co Ltd.

Anchor investors in IPO

Sagility India distributed 31.51 crore shares to 52 funds at the upper end of the price range at Rs 30 each, making the transaction size Rs 945.40 crore, according to the circular posted on the BSE website.

A 2.61 per cent stake in IPO-bound Sagility India was sold to nine institutional investors by promoter Sagility BV, who previously raised Rs 366 crore.

Adani Properties, backed by Gautam Adani, purchased 0.14 per cent of Sagility India for Rs 20 crore, 360 One purchased 1.07 per cent of the company for Rs 150 crore, and Avendus Future Leaders Fund II purchased 0.9 per cent of the company for Rs 126 crore.

IPO structure and minimum bid

Investors may submit applications for a minimum of Rs 14,000 worth of equity shares. 10 per cent of the issue is set aside for retail investors, 15 per cent for non-institutional investors, and 75 per cent for eligible institutional buyers.

Subscription timetable

On November 5, the company’s public offering will go live for a three-day subscription period. It will end on November 7, 2024. Successful bidders will get their shares on October 8. Unsuccessful bidders will get their refund on the same day.

The shares are scheduled to list on november 12 on NSE (National Stock Exchange) and BSE (Bombay Stock Exchange).

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