IPO Details

Bidding Dates

06 May '24 - 08 May '24

Minimum Investment

₹14,916 / 1 Lots ( 33 Shares )

Price Range

₹430 - ₹452

Maximum Investment

₹193,908 / 13 Lots ( 429 Shares )

Retail Discount

Not Applicable

Issue Size

₹1,841.76 Cr

Investor category and sub category

Retail Individual Investors (RII)  |   Non-institutional Bidders (NIB)  |   Qualified Institutional Buyers (QIB)  |  

Indegene IPO Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

May 6, 2024

IPO Closing Date

May 8, 2024

Basis of Allotment

May 9, 2024

Initiation of Refunds

May 10, 2024

Credit of Shares to Demat

May 10, 2024

Listing Date

May 13, 2024

Cut-off time for UPI mandate confirmation

May 8, 2024

Indegene IPO Subscription Details


Day 1May 6, 2024

0.05x 4.25x 1.56x 1.41x 1.70x

Day 2May 7, 2024

5.45x 18.41x 3.91x 3.36x 7.42x

Indegene IPO Subscription Status Live

Investor Category Subscription (Times)
Qualified Institutional Buyers 5.45
Non-Institutional Buyers 18.41
Retail Investors 3.91
Employees 3.36
Total 7.42

About Indegene Limited

Indegene Limited specialises in digital-led commercialisation services tailored for the life sciences industry, including biopharmaceutical, emerging biotech, and medical device companies. Their comprehensive solutions cover various aspects of drug development, clinical trials, regulatory submissions, pharmacovigilance, complaints management, and sales and marketing. By blending over two decades of healthcare domain expertise with purpose-built technology, they empower life sciences companies to navigate their product lifecycle more effectively and efficiently.

Indegene has established strong client relationships with the top 20 bio-pharmaceutical companies globally, earning a significant portion of their revenue from them. Their solutions address the evolving needs of the industry, including talent shortages, margin pressures, and the demand for digital innovation. Positioned at the convergence of healthcare and technology, their offerings span across the commercialisation lifecycle, from marketing and sales to medical and R&D functions.

With a focus on delivering value and driving operational efficiencies, Indegene leverages AI-powered solutions and proprietary platforms to enhance productivity and quality while reducing reliance on manual intervention. Their commitment to innovation and client success positions them well to capitalise on the anticipated growth in life sciences operations expenditure, ensuring they remain at the forefront of industry transformation.

Industry Outlook:

  1. The global life sciences industry, encompassing biopharmaceuticals and medical devices, is projected to witness robust growth. Sales are estimated to reach ₹163.5 trillion (US$2.1 trillion) by 2026, with biopharmaceuticals accounting for 69% of this figure. This growth is fueled by factors like the ageing population, increasing prevalence of chronic diseases, and ongoing discovery of new diseases.
  2. Operations spending within the life sciences sector is expected to increase steadily, reaching ₹15.5 trillion (US$201 billion) by 2026. The spending split between biopharmaceuticals and medical devices segments is also evolving, with the medical devices segment showing increased contribution due to regulatory changes and technological advancements.

Indegene Limited IPO Details

Indegene Limited IPO Dates

Indegene Limited IPO is open from Monday, May 6, 2024, to Wednesday, May 8, 2024. The IPO will be listed on BSE, NSE.

Indegene Limited IPO Price Band

Indegene Limited is a book-built issue IPO. The price band is set at ₹430 to ₹452 per share.

Indegene Limited IPO Lot Size

The lot size for Indegene Limited’s IPO is 33 shares with a minimum investment of ₹14,916.

Indegene IPO Objectives

The company plans to allocate the net proceeds from the issue for the following purposes:

  • The company plans to allocate ₹3,913.35 million for settling the debt of ILSL Holdings, Inc., a significant subsidiary.
  • ₹1,029.16 million will be allocated for covering the capital expenditure needs of both the Company and another major subsidiary, Indegene, Inc.
  • Remaining funds to be utilised for general corporate purposes and potential inorganic growth opportunities.

Peer Details

There are no listed companies in India and globally that engage in a business that is similar to that of Indegene Limited.

How to Check the Allotment Status of the Indegene Limited IPO?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Go to the IPO Section and then to IPO Orders.
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Contact Details of Indegene Limited IPO

  • Registered office: Block G4, 3rd Floor, Manyata Embassy Business Park, Outer Ring Road, Nagawara, Bengaluru 560 045, Karnataka, India
  • Phone: +91 80 4674 4567/ +91 80 4644 7777
  • E-mail:compliance.officer@indegene.com

IPO Financials

Particulars As at December 31, 2023 Year ending on March 31, 2023 Year ending on March 31, 2022 Year ending on March 31, 2021
Revenue from Operation (in ₹ million) 19,166.11 23,061.33 16,646.09 9,662.74
Profit After Tax (PAT) (in ₹ million) 2,419.02 2,660.99 1,628.18 1,856.82
Cash and Cash Equivalents (in ₹ million) 1,199.44 735.85 5,062.79 1,333.62
Return on Net Worth (%) 18.23% 25.02% 21.57% 46.04%
Net borrowings (in ₹ million) 3,993.33 3,943.36 182.38 247.64
EBITDA (in ₹ million) 4,198.51 4,541.89 2,659.10 2,639.65

Know before investing


  1. Indegene Limited possesses deep domain expertise in the healthcare industry, enabling efficient modernisation and digitisation of life sciences commercialisation processes. With a team comprising individuals with healthcare-related educational backgrounds and extensive industry experience, Indegene leverages its knowledge to optimise sales, marketing, and regulatory processes, driving value for its clients.

  2. Indegene has developed a suite of proprietary tools and platforms, including AI-based applications, to drive transformation across the R&D and commercialisation lifecycle of biopharmaceutical products and medical devices. With a dedicated team of technology experts, Indegene continues to innovate and adapt technologies such as Gen AI to enhance its solutions, ensuring efficiency, effectiveness, and quality in service delivery.

  3. Indegene boasts long-standing relationships with marquee biopharmaceutical companies, including many of the world's largest by revenue. With high client retention rates and a focus on deepening existing relationships while tapping into cross-sell and up-sell opportunities, Indegene has established itself as a trusted partner in the industry.

  4. With operations spanning six operation hubs and 17 offices across North America, Europe, and Asia, Indegene delivers end-to-end solutions to clients worldwide. Supported by experienced management personnel with extensive healthcare industry experience, Indegene leverages its global presence and diverse talent pool to provide specialised solutions tailored to regional markets while maintaining operational excellence.


  1. As Indegene Limited focuses solely on the life sciences industry, its revenue streams are susceptible to shifts in industry dynamics such as outsourcing trends, healthcare reforms, and digitalisation pace. Changes in these trends, including internalisation of operations by clients or regulatory shifts impacting profitability, could lead to a decline in demand for Indegene's solutions.

  2. A significant portion of Indegene's business comes from large clients, primarily located in North America and Europe. This concentration exposes the company to risks associated with client-specific factors and industry-wide trends. Any adverse developments impacting these key clients could affect Indegene's business and profitability.

  3. Indegene operates in a highly regulated environment, subject to laws governing data protection, healthcare promotion, and regulatory requirements. Non-compliance with these regulations could result in legal liabilities, reputational damage, and financial consequences, posing a threat to the company's operations and financial health.

  4. Indegene's reliance on leased premises for its operations introduces risks associated with lease renewals, early terminations, or unfavourable lease terms. Failure to renew leases or disruptions in occupancy could disrupt operations and incur additional costs, impacting the company's business continuity and financial stability.

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Indegene IPO FAQs

What is the Indegene IPO?

Indegene IPO is a book-built IPO.  The IPO is open from Monday, May 6, 2024, to Wednesday, May 8, 2024. The IPO will be listed on BSE, NSE.

When will Indegene IPO be allotted?

The Basis of Allotment will happen on Thursday, May 9, 2024.

When will Indegene IPO open for subscription?

The IPO subscription window will open on May 6, 2024.

What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 33 shares.

When will Indegene Limited list on exchanges?

The listing date for Indegene is Monday, May 13, 2024.

What would be the listing gains on the Indegene Limited IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

I have finished the application process for the Indegene Limited IPO, but the funds still need to be debited. What is the reason?

Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you.

How do I approve the UPI mandate request for Indegene Limited’s IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of Indegene Limited using one PAN?

You can submit only one application using your PAN card.