Cyril Amarchand Mangaldas Advised Indegene Ltd. On Its ₹10,817.59 Million IPO
Cyril Amarchand Mangaldas (CAM) advised Indegene Limited (Company) and Manish Gupta, Dr. Rajesh Bhaskaran Nair, and Anita
Cyril Amarchand Mangaldas Advised Indegene Ltd. On Its ₹10,817.59 Million IPO Cyril Amarchand Mangaldas (CAM) advised Indegene Limited (Company) and Manish Gupta, Dr. Rajesh Bhaskaran Nair, and Anita Nair (the Individual Selling Shareholders) on the Company’s initial public offering of equity shares totaling Rs. 10,817.59 million. The transaction included the issuance of 40,766,550...
Cyril Amarchand Mangaldas Advised Indegene Ltd. On Its ₹10,817.59 Million IPO
Cyril Amarchand Mangaldas (CAM) advised Indegene Limited (Company) and Manish Gupta, Dr. Rajesh Bhaskaran Nair, and Anita Nair (the Individual Selling Shareholders) on the Company’s initial public offering of equity shares totaling Rs. 10,817.59 million.
The transaction included the issuance of 40,766,550 equity shares with a face value of Rs. 2 each (Equity Shares) at a price of Rs. 452 per Equity Share. This comprised a share premium of Rs. 450 per Equity Share, amounting to Rs. 18,417.59 million, which consisted of a fresh issue of 16,833,818 Equity Shares totaling Rs. 7,600 million and an offer for sale of 23,932,732 Equity Shares totaling Rs. 10,817.59 million (together, the Offer).
The Equity Shares commenced trading on the Stock Exchanges on May 13, 2024.
Indigene Limited made history by becoming the first life sciences technology company to be listed on the stock exchanges of India. The Offer garnered overwhelming interest, with subscriptions exceeding 70 times the initial offering.
CAM played a pivotal role in providing comprehensive advisory services to both Indigene Limited and the Individual Selling Shareholders. This included crucial aspects such as categorizing the Company as a professionally managed entity, disclosing key performance indicators, facilitating equity share reservations for eligible employees, and filing exemption applications with SEBI concerning financial information disclosure related to its group company. Their expertise ensured regulatory compliance and facilitated the seamless execution of the Offer.
The Capital Markets and the General Corporate teams of Cyril Amarchand Mangaldas advised on the matter.
The transaction team representing the Company was led by Yash Ashar, Partner & Head Capital Markets; Vijay Parthasarathi, Partner & Regional Co-head Markets Practice (Southern Region); Saurav Das, Senior Associate; Vartika Bhatnagar, Associate; Prajna Kariappa, Associate; Anish Meduri, Associate; Anna Kallivayalil, Associate; and Kunal Badesra, Associate.
The transaction team representing the Individual Selling Shareholders was led by Vinay Sirohia, Partner; with support from Tanvi Kini, Principal Associate.
The team led by Bharath Reddy, Partner; Sindhushri Badarinath, Partner; with support from Dipti Khatri, Principal Associate; Simran Jain, Senior Associate Designate; advised on certain employment law and general corporate matters.
Other parties and advisors involved in the transaction included Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, Nomura Financial Advisory Securities (India) Private Limited, who served as book running lead managers for the Offer. Sidley Austin LLP acted as the International legal counsel to the book running lead managers. Manian & Rao Chartered Accountants provided chartered accountancy services.
The transaction was signed on June 30, 2022, and closed on May 13, 2024.