Indegene IPONote

IPO NOTE
INDEGENE LIMITED IPO

For the life sciences sector, Indegene Limited offers digital services.
They provide help for complaints handling, pharmacovigilance, clinical
Rating:
trial management, regulatory submissions, drug development, and
APPLY www.swastika.co.in
sales and marketing. With the help of its solutions, life sciences
(For listing gains and Long Term)
businesses may create goods, introduce them to the market, and
increase sales throughout their life cycles in a way that is more
ISSUE OFFER contemporary, effective, and efficient.
Issue Opens on MAY 06, 2024
Issue Close on MAY 08, 2024
Total IPO size (cr) ₹1,841.76
Fresh issue (cr) ₹760.00
OBJECTS OF THE ISSUE
Offer For Sale (cr) ₹1,081.76
Funding the capital expenditure requirements.
Price Band (INR) 430- 452 Repayment of indebtedness.
Market Lot 33
Face Value (INR) 2
Retail Allocation 35% OUTLOOK & VALUATION
Listing On NSE, BSE
Indegene is a provider of digitally guided commercialization
services for the life sciences sector, catering to the sales of medical
ISSUE BREAK-UP (%) devices, pharmaceuticals, and fledgling biotech enterprises and
product marketing. Indegene has established client relationships
QIB Portion 50%
with each of the 20 largest biopharmaceutical companies in the
NII Portion 15% world.
Retail Portion 35%
Their financial performance reflects consistent growth over the
past three fiscal years, supported by a robust client base of 65
SHAREHOLDING (No. of Shares) active clients as of December 31, 2023. Additionally, the company
possesses a well-developed technology portfolio, further
Pre Issue Post Issue solidifying its digital capabilities.
222,435,091 239,249,250
While the P/E valuation of 37.79x appears reasonable, the
absence of directly comparable listed peers limits a definitive
INDICATIVE TIMETABLE
assessment. However, considering Indegene's unique market
Finalisation of Basis of Allotment 09-05-2024
position, strong growth trajectory, and established client base, we
Refunds/Unblocking ASBA Fund 10-05-2024
recommend this IPO to investors for listing gain and long term.
Credit of equity shares to DP A/c 10-05-2024
Trading commences 13-05-2024
For additional information & risk factors please refer to the Red Herring Prospectus
www.swastika.co.in
KEY MANAGERIAL PERSONNEL
01 02 03
Krishnamurthy Venugopala Tenneti Manish Gupta Dr. Sanjay Suresh Parikh
Non-Executive Independent Director Chairman, Executive Director and the Executive Director and Executive Vice
of Company, He has been an advisor Chief Executive Officer of the President of the Company. He also
to the board of ANI Technologies Company. He has 24 years of holds a doctorate in philosophy from
Private Limited since 2017 and has experience in technology-led the Johns Hopkins University. He has
experience in management advisory. healthcare solutions provider sector. 31 years of experience in
He was a Non-Executive Director on He has been a Director of the pharmaceuticals industry and
the Board of Company from Company since February 11, 2000. technology-led healthcare solutions
September 29, 2008 to July 26, provider sector.
2022.
04 05
Suhas Prabhu Srishti Ramesh Kaushik

Chief Financial Officer of the Company Secretary and Compliance
Company. He has 21 years of Officer of the Company. She has 14 years
experience in finance. Prior to joining of experience as a company secretary.
the Company, he was associated with Prior to joining the Company, she was
Sasken Communication Technologies associated with Paramount Cosmetics
Limited. He joined Company on (India) Private Limited. She has been
October 28, 2005 as Senior Manager associated with Company for over 13
– Finance. years.
www.swastika.co.in
COMPANY PROFILE
The company established client relationships with each of the 20 largest biopharmaceutical companies
in the world.
Our solutions enable life sciences companies to develop products, launch them in the market, and drive
sales through their life cycle in a more effective, efficient, and modern manner.
The company is doing unique business with nearly 98% global revenue and has created a niche place in
the verticals it is operating.
The company achieved this by combining over two decades of healthcare domain expertise and fit-for
purpose technology.
COMPETITIVE STRENGTHS
Domain expertise in healthcare.

Robust digital capabilities and in-house developed technology portfolio.
Track record of establishing long-standing client relationships.
Global delivery model.
Experienced management and motivated talent pool supported by marquee investors.
Track record of creating value through acquisitions.
KEY STRATEGIES
Strengthen the “go to market” engine.

Develop technology portfolio.
Pursue strategic acquisitions.
Focus on operational excellence.
KEY CONCERNS
The majority of the revenues are derived from its Subsidiaries.

The life sciences operations industry is highly competitive.
If the company is unable to generate new engagements from clients, it may have a negative impact
on business, cash flows, and results of operations.
Company rely on sub-contractors and third-party service providers.
COMPARISON WITH LISTED INDUSTRY PEERS (AS ON 31ST MARCH 2023)
THERE ARE NO LISTED COMPANIES IN INDIA AND GLOBALLY THAT ENGAGE

IN A BUSINESS THAT IS SIMILAR TO THAT OF THE COMPANY.
FINANCIALS (RESTATED CONSOLIDATED)
PARTICULARS (RS. IN LAKHS) FY 2023 FY 2022 FY 2021

Equity Share Capital 442.95 3.51 3.13
Other Equity 10,194.27 7,635.49 3,242.00
Net Worth 10,637.22 7,639.00 3,330.88
Total Borrowings 3,943.36 109.43 176.89
Revenue from Operations 23,061.33 16,646.09 9,662.74
EBITDA 4,541.89 2,659.10 2,639.65
Profit/loss before Tax 3,630.47 2,264.96 2,314.62
Net profit of the year 2,660.99 1,628.18 1,856.82
DISCLAIMER:
The information contained herein are strictly confidential and are meant solely for the information of the recipient and shall not be altered in any way, transmitted to, copied or distributed, in
part or in whole, to any other person or to the media or reproduced in any form, without prior written permission of Swastika Investmart Ltd. (“SIL”). The contents of this document are for
information purpose only. This document is not an investment advice and must not alone be taken as the basis for an investment decision. Before taking any decision to invest, the recipient
of this document must read carefully the Red Herring Prospectus (“RHP”) issued to know the details of IPO and various risks and uncertainties associated with the investment in the IPO of
the Company. All recipients of this document must before acting on the given information/details, make their own investigation and apply independent judgment based on their specific
investment objectives and financial position. They can also seek appropriate professional advice from their own legal and tax consultants, advisors, etc. to understand the risks and
investment considerations arising from such investment. The investor should possess appropriate resources to analyze such investment and the suitability of such investment to such
investor’s particular circumstances before making any decisions on the investment. The Investor shall be solely responsible for any action taken based on this document. SIL shall not be liable
for any direct or indirect losses arising from the use of the information contained in this document and accept no responsibility for statements made otherwise issued or any other source of
information received by the investor and the investor would be doing so at his/her/its own risk. The information contained in this document should not be construed as forecast or promise
or guarantee or assurance of any kind. The investors are not being offered any assurance or guaranteed or fixed returns on their investments. The users of this document must bear in mind
that past performances if any, are not indicative of future results. The actual returns on investment may be materially different than the past. Investments in Securities market products and
instruments including in the IPO of the Company are highly risky and they are generally not an appropriate avenue for someone with limited resources/ limited investment and low risk
tolerance. Such Investments are subject to market risks including, without limitation, price, volatility and liquidity and capital risks. Therefore, the users of this document must carefully
consider all the information given in the RHP including the risks factors before making any investment in the Equity Shares of the Company.
Swastika Investmart Ltd or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the
research report. Accordingly, neither Swastika Investmart Ltd nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our
Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. Swastika Investment Ltd may have issued other reports that are
inconsistent with and reach different conclusion from the information presented in this report. Research entity has not been engaged in market making activity for the subject company.
Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the Subject Company or third party in
connection with the Research Report.
CORPORATE & ADMINISTRATIVE OFFICE - 48, Jaora Compound, M.Y.H. Road, Indore - 452 001 | Phone 0731 - 6644000
Compliance Officer: Ms. Sheetal Duraphe Email: [email protected]: (0731) 6644 241
Swastika Investmart Limited, SEBI Reg. No. : NSE/BSE/MSEI: INZ000192732 Merchant Banking: INM000012102 Investment Adviser: INA000009843 MCX/NCDEX: INZ000072532
CDSL/NSDL: IN-DP-115-2015 RBI Reg. No.: B-03-00174 IRDA Reg. No.: 713.

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IPO NOTE

INDEGENE LIMITED IPO

Suhas Prabhu Srishti Ramesh Kaushik

Domain expertise in healthcare.

Strengthen the “go to market” engine.

The majority of the revenues are derived from its Subsidiaries.

THERE ARE NO LISTED COMPANIES IN INDIA AND GLOBALLY THAT ENGAGE

FINANCIALS (RESTATED CONSOLIDATED)

PARTICULARS (RS. IN LAKHS) FY 2023 FY 2022 FY 2021

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