Indegene IPO Allotment Status

About the Indegene IPO

The stock of Indegene Ltd has a face value of ₹2 per share and the price band for the book building IPO has been set in the range of ₹430 to ₹452 per share. The IPO of Indegene Ltd will be a combination of a fresh issue of shares and offer for sale (OFS). The fresh issue portion of the IPO of Indegene Ltd comprises the issue of 1,68,14,159 shares (168.14 lakh shares approximately), which at the upper price band of ₹452 per share will translate into a fresh issue size of ₹760 crore. The offer for sale (OFS) portion of the IPO of Indegene Ltd comprises the sale / offer of 2,39,32,732 shares (239.33 lakh shares approximately), which at the upper price band of ₹452 per share will translate into an OFS size of ₹1,081.76 crore.

Out of the OFS size of 239.33 lakh shares, 3 individual shareholders (Manish Gupta, Rajesh Nair, and Anita Nair) will offer 55.04 lakh shares in all. In addition, among the investor shareholders; Vida Trustees will offer 36 lakh shares, BPC Genesis Fund-I will offer 26.58 lakh shares, BPC Genesis Fund-IA will offer 13.79 lakh shares and CA Dawn Investments will offer 107.93 lakh shares. All selling will be by investor shareholders, since the company is professionally managed and does not identify with a promoter group. Thus, the total IPO of Indegene Ltd will comprise of a fresh issue and an OFS of 4,07,46,891 shares (407.47 lakh shares approximately) which at the upper end of the price band of ₹452 per share aggregates to total issue size of ₹1,841.76 crore. However, this could be subject to marginal changes in the final analysis and hence the final allocation table could slightly differ. The IPO of Indegene Ltd will be listed on the NSE and the BSE on the IPO mainboard.

The fresh funds will be used for funding capex of Indegene Ltd and its material subsidiaries, repayment of loans of group companies and to fund inorganic growth. The company, being a professionally managed company, does not have an identified promoter group. The IPO will be lead managed by Kotak Mahindra Capital, Citigroup Global Markets, JP Morgan India, and Nomura Financial Advisory; while Link Intime India Private Ltd will be IPO registrar.

Checking the allotment status of Indegene IPO on BSE website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. You can still access the allotment status on the website of BSE India as under. Visit the BSE link for the IPO allotment by clicking on the link below. 
https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow.
• Under Issue Type – Select Equity Option
• Under Issue Name – Select Indegene Ltd   from the drop down box
• Enter the Application Number exactly as in the acknowledgement slip
• Enter the PAN (10-digit alphanumeric) number
• Once this is done, you need to click on the Captcha to verify that you are not a robot
• Finally click on the Search Button

In the past, while checking the allotment status on the BSE website, it was necessary to input the PAN number and the application Number. However, now BSE has modified the requirements and it is sufficient if you enter any one of these parameters i.e., either the application / CAF number or the PAN number of the investor.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Indegene Ltd   allotted into your demat account. It is always advisable to save a screenshot of the allotment status output for subsequently verifying with the demat account credits on or after 10th May 2024. The stock of Indegene Ltd  will appear in the demat account (if allotted) under ISIN Number (INE065X01017).

Checking the allotment status of Indegene IPO on Link Intime India Private Limited (Registrar to the IPO)
Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below:

https://linkintime.co.in/initial_offer/public-issues.html

There are three things to remember. Firstly, you can just click on the hyper link given above and directly go to the allotment checking page. The second option, in case you are not able to click on the link, is to copy the link and paste in your web browser. Thirdly, there also a way to access this page via the home page of Link Intime India Private Ltd (www.linkintime.co.in) by clicking on the Public Issues link displayed prominently on the home page. It all works the same and leads you to the same landing page.

Once you are on the landing page, the dropdown in front of you will only show the active IPOs and IPOs, so once the allotment status is finalized, you can select Indegene Ltd   from the drop-down box. In the case of Indegene IPO, the data access will be allowed late on 09th May 2024 or by middle of 10th May 2024. 

• There are 4 options available to you and you will find these 4 options on the above access page itself. You can either access the allotment status based on PAN or Application Number or DPID / Client ID combination or based on the combination of the bank account / IFSC code used to apply for the IPO. You can select any one of the options that is preferred and provide the details accordingly, as they are radio buttons.

• If you opt for the PAN Number access, then enter the 10 character income tax permanent account number (PAN). This is an alphanumeric code available either on your PAN card or on top of your income tax return. The PAN is a 10 character code issued by the Income Tax Department where the first 5 characters and the tenth character are alphabets while the sixth to ninth characters are numeric.

• The second option is to use the Application Number that you used while making an application for the IPO. The application number is available on the acknowledgement provided to you and you can use that as one of the options to access allotment status.

• The third option is to use the DPID-Client ID combination. Remember that here you have to enter the DP id and the demat client id together as one single continuous string. This DPID / Client ID combination is a numeric string for CDSL demat accounts while it is an alphanumeric string for NSDL demat accounts. This combination of DP ID / Client ID of your demat account will be available in your demat statement or you can also get it online from your online trading account or trading app downloaded on the smart phone.

• The fourth option is to query based on the combination of your bank account number and IFSC number and irrespective of how many bank accounts you have, only use the bank account used for this particular IPO application. Once you click on this option, you find two boxes. First, enter your bank account number as it is. Secondly, enter the 11-character IFSC code, which is available on your cheque book. The first 4 characters of the IFSC code are alphabets and the last 7 characters are numeric. IFSC is an abbreviation for Indian Financial System Code and is unique to each account.

• Finally, click on the Search button
In case, you have any issues with the output shown above, you can always register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and the problem statement to ipo.helpdesk@linkintime.co.in or you can also call up on their phone (0)-81081-14949 an register the query after appropriately authenticating yourself digitally.

The IPO status with number of shares of Indegene Ltd allotted will be displayed on the screen in front of you. You can take a screenshot of the output page for your records. The same can be verified with the demat account on 10th May 2024 or after that. The stock is expected to list on 13th May 2024. The only question now is, what determines chances of allocation in the IPO? It boils down to allocation quota and subscription levels.
Allocation quota for Indegene Ltd IPO

The table below captures the quota allocated to various categories, in terms of the number of shares and also the percentage of the total share capital raised. This includes the anchor allocation. For investors it is the quota for the retail and the HNI that really matters.
 

Data Source: BSE

This is a large-sized IPO and hence the chances of allotment are always relatively high especially since the retail has 35% quota and the oversubscription is just about 7 times. It must be noted here that this is the final break-up of shares and it may differ from the original allocation as there are adjustments made to the number of shares issued. The anchor allocation portion has been carved out of the QIB portion. We now turn to how the various categories of investors in the IPO of Indegene Ltd put in their bids.

Subscription levels for Indegene IPO

The table below captures the extent of oversubscription for each of the categories as well as the overall subscription for Indegene IPO.
 

Data Source: BSE

The response to the IPO of Indegene Ltd  was robust overall, and the subscriptions were especially robust for the QIB and the HNI / NII portion. However, the subscriptions were relatively modest for the retail portion. The overall subscription was 69.91X but the retail portion subscription was a lot more tepid at just 7.95X. The QIB portion got subscribed 197.55 times while the HNI / NII portion got subscribed 55.07 times. The Retail portion was subscribed  at just about 7.95 times, which is lower than the median for retail investors in similar sized IPOs. The positive takeaway for retail investors from an allocation perspective is that SEBI new allocation norms tend to give weightage to ensuring that as many applicants as possible get at least one lot allocation in the IPO, before redistributing higher numbers. That enhances retail chances of getting allotment in this IPO. 

Next steps after the closure of the Indegene IPO

The issue opened for subscription on 06th May 2024 and closed for subscription on 08th May 2024. The basis of allotment will be finalized on 09th May 2024 and the refunds will be initiated on 10th May 2024. In addition, the demat credits are expected to also happen on 10th May 2024 and the stock will list on 13th May 2024 on the NSE and the BSE. Indegene Ltd will test the appetite for such value added healthcare support stocks in India. The credits to the demat account to the extent of shares allotted will happen by the close of 10th May 2024 under ISIN (INE065X01017).

Investors would do well to remember that the level of subscription is very material as it determines the chances of getting allotment. Normally, higher the subscription ratio, lower the chances of allotment and vice versa. In this case, the subscription levels have been very modest in the IPO; both in the Retail segment and also in the HNI / NII segment. Investors in the IPO need to assess their chances of allotment accordingly. The final status will be known once the basis of allotment is finalized and uploaded for you to check. You can apply the above allotment checking process flow after the basis of allotment is finalized.