Sagility India is scheduled to finalize the basis of allotment of its shares on Friday, November 08. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate either over the weekend or latest by Monday, November 11. The healthcare solutions provider saw a muted response from the investors.
The IPO of Bengaluru-based Sagility India was open for bidding between November 5 and November 7. It had offered its shares in the fixed price band of Rs 28-30 per share with a lot size of 500 shares. The company raised a total of Rs 2,106.60 crore from its IPO, which was entirely an offer-for-sale (OFS) of up to 70.22 crore equity shares by the promoters of the company.
The issue was overall subscribed only 3.2 times, thanks to the last minute interest from qualified institutional bidders (QIBs), whose quota was booked 3.52 times. The allocation for non-institutional investors (NIIs) was booked merely 1.93 times. The portions retail investors and employees were subscribed 4.16 times and 3.75 times, respectively during the bidding process.
Grey market premium (GMP) of Sagility India has seen a sharp correction following a muted response from investors. Last heard, the company was commanding a premium of Rs 0.5-1 in the unofficial market, suggesting 2-5 per cent listing pop for the investors. The GMP stood at Rs 3 before the bidding opened for the issue.
Sagility India, formerly known as Berkmeer India, provides healthcare-focused solutions and services to payers (US health insurers who fund and reimburse the cost of healthcare services) and providers (primarily hospitals, physicians, diagnostics and medical technology companies). It supports the core business of both payers and providers.
Brokerages are most positive on the issue, suggesting to subscribe to it for a long term. Experience management, long term relationship with clients, strong market shares and leadership in the industry are key positives for the issue. On the other hand, dependence on certain clients, entire businesses from the US and 100 per cent OFS nature of issue may dent its prospects.
ICICI Securities, Jefferies India, IIFL Securities and JP Morgan India are the book running lead managers of the Sagility India IPO, while Link Intime India is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE, with November 12, Tuesday as the date of listing.
Investors, who had bid for the issue of Sagility India, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Sagility India Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit search button
Investors can also check the allotment status on the online portal of Link Intime India (https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries post issue.
1) Go to the web portal of Link Intime Limited
2) Select the IPO/FPO in dropbox whose name will be populated only if the allotment is finalized
3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.