About the Company:
Indegene Ltd provide digital-led commercialization services for the life sciences industry, including biopharmaceutical, emerging biotech and medical devices companies, that assist them with drug development and clinical trials, regulatory submissions and complaints management, and the sales and marketing of their products.
Company’s 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.
Company achieves this by combining over two decades of healthcare domain expertise and fit-for-purpose technology.
Company’s portfolio of solutions cover all aspects of commercial, medical, regulatory and R&D operations of life sciences companies.
Company has established client relationships with each of the 20 largest biopharmaceutical companies in the world by revenue for the Financial Year 2023.As of December 31, 2023, company had a total of 65 active clients.
Description of Solutions provided by the Company:
- Enterprise Commercial Solutions.
- Omnichannel Activation.
- Enterprise Medical Solutions.
Enterprise Commercial Solutions.
Company’s Enterprise Commercial Solutions primarily involve assisting life sciences companies with their digital marketing operations.
Service providers in this segment assist life sciences companies by creating customized marketing plans and campaigns, expanding their reach to healthcare professionals (“HCPs”), and providing insights on HCP preferences.
Company also provide digital asset management, marketing automation, customer data management and analytics solutions to measure the effectiveness of marketing campaigns.
Omnichannel Activation.
Company’s Omnichannel Activation solutions help life sciences companies leverage a “digital first” approach for optimizing the last-mile promotion of biopharmaceutical products and medical devices to healthcare professionals across multiple channels.
Here, Company plays the role that has traditionally been played by medical representatives who promote products to HCPs through face-to-face interactions. However, using digital technologies and proprietary analytics, company seeks to achieve the same outcome at higher efficiencies and reduced costs.
Enterprise Medical Solutions.
Under Enterprise Medical Solutions, Company has established centers of excellence (“CoEs”) to consolidate large scale regulatory and medical operations for our clients.
Company’s Enterprise Medical Solutions are offered through our proprietary NLP-based and Gen AI-based tools that are customized to handle medical information. Company’s tools helps us improve the quality of medical content, ensure regulatory compliance of medical content.
Breakdown of Company’s Revenue from operations by each category of solutions: (in millions)
Company’s Clients:
As of December 31, 2023, Company had had 65 active clients. We deliver solutions to them from our operation hubs located across North America, Europe and Asia.
Company has internally developed artificial intelligence (“AI”) and machine learning (“ML”) based proprietary platforms, which allow us to offer our solutions across the globe at scale.
Company’s key Metrics relating to Clients:
Company’s Employees:
As of December 31, 2023, Company had 5,181 full-time employees across 10 countries, of which 4,510 employees were delivery employees (i.e., employees who do not belong to corporate and support functions). As of December 31, 2023, 20.49% of our delivery employees had healthcare-related educational backgrounds.
Management Team:
- Mr. Krishnamurthy Venugopala Tenneti (Designation: Non-Executive Independent Director)
- Mr. Manish Gupta (Designation: Chairman, Executive Director and Chief Executive Officer)
Objectives of the Issue:
Offer For Sale: (Rs.1081.75 cr)
- Company will not receive any proceeds from the Offer for Sale. The Selling Shareholders will be entitled to their respective portion of proceeds of the Offer for Sale.
Fresh Issue: (Rs.760 cr)
- Repayment/prepayment of indebtedness of one of our Material Subsidiaries, ILSL Holdings, Inc.
- Funding the capital expenditure requirements of our Company and one of our Material Subsidiaries, Indegene, Inc.
- General corporate purposes and inorganic growth.
Fund Utilization:
| Particulars | Amount (Rs. in Crores) |
|---|---|
| Repayment/prepayment of indebtedness of one of our Material Subsidiaries, ILSL Holdings, Inc. | 391.3 cr |
| Funding the capital expenditure requirements of our Company and one of our Material Subsidiaries, Indegene, Inc. | 102.9 cr |
Peer Group Comparison:
There are no listed companies in India and globally that are of comparable size, from the same industry and with similar business model as that of Indegene Ltd. Accordingly, we have not provided an industry comparison in relation to Indegene Ltd.
Positives for the Company:
Domain expertise in healthcare.
- Company’s understanding of the healthcare domain enables us to efficiently modernize and digitize the key functions involved in the life sciences commercialization process.
- This requires in-depth domain expertise of the journey of a drug from the research lab to the market to be able to organize and analyze scientific and clinical data, navigate the regulatory landscape and the ethical guidelines within which the industry operates.
Robust digital capabilities and in-house developed technology portfolio.
- Over the years, Company has developed a suite of proprietary tools and platforms, including applications that automate and create AI-based efficiencies using AI, ML, NLP and advanced analytics capabilities that are core components of our solutions.
- Company’s technology innovation is supported by a dedicated team of 650 individuals who work on data science, data engineering, NLP, Natural Language Generation (“NLG”), Gen AI, machine vision, speech-to-text conversion and classification, and prediction model development.
Track record of establishing long-standing client relationships.
- Company has long-standing relationships with marquee biopharmaceutical companies including each of the 20 largest biopharmaceutical companies in the world by revenue for the Financial Year 2023. Additionally, company also serves clients in the mid-sized pharma, emerging biotech and medical devices industries.
Financials of the Company:
| (in Crores) | FY 21 | FY 22 | FY 23 | Upto 31st Dec 23 |
|---|---|---|---|---|
| Revenue | 996.9 | 1690.4 | 2364.0 | 1969.7 |
| Net Profit | 149.4 | 162.8 | 266.0 | 241.9 |
IPO Details:
| Details | Info |
|---|---|
| Issue Opens on | 6th May 2024 |
| Issue Closes on | 8th May 2024 |
| Issue Price | Rs.430 – 452 |
| Face Value | Rs.2 |
| Retail Category Allocation | 35 % |
| Minimum Lot | 33 Shares |
| Minimum Investment | Rs.14,916 |
| Issue Constitutes | 17.03 % |
| Issue Size | Rs.1841.75 cr ($ 222 million ) |
| Market Cap | Rs.10,814 cr ($ 1.3 billion ) |
| Listing at | NSE & BSE |
| Equity Shares Offered (Fresh) | 1,68,14,160 (Rs.760 cr) |
| Equity Shares Offered (OFS) | 2,39,32,732 (Rs.1081.75 cr) |
| Total Equity Shares Offered (Fresh + OFS) | 4,07,46,892 |
| Equity Shares Prior to the Issue | 22,24,35,091 |
| Equity Shares after the Issue | 23,92,49,251 |
Important Dates:
| Finalization of Basis of Allotment | on or Before 9th May 2024 |
| Initiation of Refunds | on or Before 10th May 2024 |
| Credit of Equity Shares: | on or Before 10th May 2024 |
| Listing Date: | on or Before 13th May 2024 |
IPO Valuation Parameters:
| Earnings Per Share (EPS) | Price To Earnings ratio (PE) | Return on Net Worth (RoNW) | Net Asset Value (NAV) |
|---|---|---|---|
| 11.97 | 37.76 | 25.02% | 48.10 |
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| Should You Subscribe or Not ? (Markets Guruji’s View) |
|---|
| Indegene Ltd stands as a pioneering force in the realm of digital-led commercialization services for the life sciences industry. By catering to biopharmaceutical, emerging biotech, and medical devices companies, they streamline critical processes such as drug development, clinical trials, regulatory submissions, complaints management, and sales and marketing strategies.
Leveraging two decades of healthcare domain expertise fused with cutting-edge technology, Indegene empowers life sciences firms to navigate product development, market launches, and sales cycles with unmatched efficiency and effectiveness. Boasting a portfolio that spans commercial, medical, regulatory, and R&D operations, Indegene has solidified its position by cultivating relationships with the top 20 biopharmaceutical companies globally, alongside maintaining 65 active clients. As the company gears up for an IPO, investors are urged to take notice of the immense potential within this burgeoning market. Indegene’s track record, expertise, and extensive client base make it a compelling opportunity for those seeking investment avenues within the life sciences sector. |
| Company Contact Info: |
|---|
| Indegene Ltd Aspen Block G4, 3rd Floor, Manyata Embassy Business Park, Outer Ring Road, Nagawara, Bengaluru 560 045, Karnataka, India. Tel: +91 80 4674 4567 Email: compliance.officer@indegene.com Website: www.indegene.com |
| Registrar to the Issue: |
|---|
| Link Intime India Private Limited C-101, 1st Floor, 247 Park L.B.S. Marg, Vikhroli West Mumbai 400 083 Maharashtra, India Tel: +91 810 811 4949 E-mail: indegene.ipo@linkintime.co.in Website: www.linkintime.co.in |
| Check IPO Allotment Status: |
|---|
Link InTime Website (Click on the below Link)https://linkintime.co.in/IPO_Allotment_Check |
| Find the List of Upcoming IPOs in India: |
|---|
Upcoming IPOs in India (Click on the below Link)https://www.marketsguruji.com/upcoming-ipos-in-india/ |
