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Research Primary Market IPO NOTE – INDEGENE LIMITED 


Written by - Fisdom Research

May 7, 2024 9 minutes

Company Background 

Indegene started on October 16, 1998, and it helps companies in the life sciences industry, like biopharmaceutical and medical device companies, with selling and marketing their products using digital methods. Their services make it easier for these companies to develop products, launch them in the market, and boost sales throughout their life cycle. They do this by blending more than 20 years of healthcare knowledge with specialized technology. Indegene’s services cover everything from business and medical tasks to regulations and research for life sciences companies. 

Company Key Highlights 

The company’s offerings fall into several categories: 

1. Enterprise Commercial Solutions 

2. Omnichannel Activation 

3. Enterprise Medical Solutions 

4. Enterprise Clinical Solutions and consultancy services 

Additionally, the company’s subsidiary, DT Associates Limited, operates under the “DT Consulting” brand, providing consulting services. These services aid life sciences companies in managing their digital transformation efforts to enhance customer experience and ensure ongoing success. 

In 2023, the company was honored with the Platinum Level award at the Healthy Workplace Conference and Awards. This recognition, presented by Arogya World India Trust in collaboration with the Public Health Foundation of India, highlights the company’s commitment to promoting employee well-being. 

By December 31, 2023, the company boasted 65 actively engaged clients. As of the same date, the company employed 5,181 individuals globally. Among them, 4,461 were based in India, 530 in North America, 105 in Europe, 73 in China, and 12 in other regions. 

  • Domain expertise in healthcare: 

The company’s deep domain knowledge enables them to effectively integrate technology into various aspects of operations. This includes optimizing sales and marketing expenses, scaling omnichannel activation efforts, expediting patient recruitment for clinical trials, and speeding up regulatory submission processes. With a significant portion (20.49%) of their delivery team possessing healthcare-related educational backgrounds as of December 31, 2023, their expertise extends throughout the organization. They provide comprehensive support across the commercialization spectrum, leveraging their end-to-end capabilities and specialized knowledge to assist life sciences companies at every. 

  • Robust digital capabilities and in-house developed technology portfolio: 

The company has developed advanced AI-driven tools and platforms, branded as “NEXT,” to optimize the commercialization process of biopharmaceutical products and medical devices. Supported by a team of 650 experts, they also offer a Gen AI workbench facilitating collaboration between technology and subject matter experts. These tools enhance efficiency and drive enterprise outcomes across various domains such as content management, safety monitoring, regulatory compliance, customer data management, clinical trials, and workflow management. 

  • Track record of establishing long-standing client relationships

Indegene has established enduring partnerships with leading biopharmaceutical companies, including all of the top 20 companies worldwide by revenue in the Financial Year 2023. Their typical agreements span from 1 to 3 years, outlined in Master Service Agreements (MSAs), with specific work orders for each engagement detailing commercial terms. Thanks to the lasting effectiveness of their solutions, a significant portion of their revenue comes from recurring sources. Impressively, their retention rates stood at 122.83%, 159.89%, and 129.90% for the Financial Years 2023, 2022, and 2021, respectively. 

  • Global delivery model: 

The company primarily delivers its solutions through two main models: enterprise-wide technology-enabled Centers of Excellence (COEs) and digital Omnichannel Activation solutions. The COEs consist of experts in various functional areas who collaborate closely with clients to implement technology-driven solutions. These COEs are instrumental in delivering multi-year, enterprise-wide solutions on a global scale. Their digital Omnichannel Activation capabilities enable them to execute sales and marketing campaigns digitally, reducing or even eliminating the necessity for biopharmaceutical companies to involve medical representatives. 

Key Business Strengths 

  • The Company has a deep understanding of the healthcare domain which helps it efficiently modernize and digitalize the key functions in the life sciences commercialization process. 
  • The Company has long-standing relationships with biopharmaceutical leaders globally. It has consistently increased its client base from 44 in FY21 to 62 in FY23. 
  • Track record of creating value through acquisitions. 
  • Experienced management and motivated talent pool supported by marquee investors. 

Key Risks to Business 

  • The Company is solely focused on the life sciences industry and any impact to the respective industry can adversely impact the Company. 
  • A majority of the Company’s client are located in North America & Europe. Hence, the business & profitability is majorly dependent on the performance of the respective geographies. 
  • The Life sciences operations industry is highly competitive. The Company is always competing for internal sales, marketing department, Information Technology. 
  • The majority of the revenues are derived from its Subsidiaries. 

Fisdom Research Assessment: 

Indegene operates as a commercialization service provider within the life sciences industry, boasting a robust track record and well-established partnerships with major biopharmaceutical companies globally. Also, indegene has no listed Companies in India as well as globally, despite its impressive financial performance marked by consistent revenue growth, However, based on an annualized FY24 P/E multiple of 30.5x calculated on the upper price band post-issue capital, the company holds substantial value. Given Indegene’s distinctive market positioning, strong growth trajectory, and established clientele, we advise investors to consider participating in its IPO for listing gains and long-term investment prospects. 

Offer Details 

Offer period 
Bid/Offer Opens On: Monday, May 06, 2024 
Bid/Offer Closes On: Wednesday, May 08, 2024 
Issue Size Price Band Bid Lot 
~ Rs.1,752 – Rs.1,842 Cr Rs. 430 – Rs.452 33 
Particulars Lots Shares Amount 
Minimum 33 RS. 14,916 
Maximum 13 429 Rs. 1,93,908 
Minimum 14 462 Rs. 2,08,824 
Maximum 67 2,211 Rs. 9,99,372 
Minimum 68 2,244 Rs. 10,14,288 

Issue Structure 

QIB Shares Offered Not more than 50% of the offer size 
Retails Shares Offered Not less than 35% of the offer size 
NII (HNI) Shares Offered Not less than 15% of the Net Issue 

Indicative IPO Timeline 

Bid/Offer Opening Date Monday, May 6, 2024 
Bid/Offer Closing Date Wednesday, May 8, 2024 
Finalization of the basis of allotment with  The designated stock exchange Thursday, May 9, 2024 
Initiation of refunds Friday, May 10, 2024 
Credit of equity shares to depository  Accounts Friday, May 10, 2024 
Listing Date Monday, May 13, 2024 

Other Details 

Book Running Lead Managers Kotak Mahindra Capital Company Ltd, Citigroup Global Markets India Private Ltd, J.P. Morgan India Private Ltd, Nomura Financial Advisory and Securities (India) Private Ltd 
Objects of the Issue 
1) Repayment/prepayment of indebtedness of one of the Material Subsidiaries, ILSL Holdings, Inc  2) Funding the capital expenditure requirements of the Company and one of the Material Subsidiaries, Indegene, Inc  3) General corporate purposes and inorganic growth. 
Listing At BSE, NSE 

Financial Elements 

Particulars Dec-23 Mar-23 Mar-22 Mar-21 
Total Asset (Cr.) ₹ 2,518 ₹ 2,204 ₹ 1,353 ₹ 596 
Revenue from Operation (Cr.) ₹ 1,917 ₹ 2,306 ₹ 1,665 ₹ 966 
PAT (Cr.) ₹ 242 ₹ 266 ₹ 163 ₹ 149 
Basic EPS ₹ 10.61 ₹ 12.03 ₹ 7.50 ₹ 9.40 
Diluted EPS ₹ 10.84 ₹ 11.97 ₹ 7.46 ₹ 8.74 
EPS for Dec-23 is not annualised 


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