The initial public offering (IPO) of Sagility India shall open for bidding on Tuesday, November 5. The healthcare solutions provider shall be selling its shares in the range of Rs 28-30 apiece. Investors can apply for the issue until Thursday, November 7, applying for a minimum of 500 equity shares and its multiples thereafter.
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.
The IPO of Sagility India is entirely an offer-for-sale (OFS) sale of up to 70.22 crore equity shares by its promoter Sagility BV. At the upper end of the price band, the company is looking to raise a total of Rs 2,106.6 crore via its primary stake sale. The company will not receive any proceeds from the issue. Anchor book for the issue shall open on Monday, November 4.
Sagility India's services to payers span their entire operational spectrum, including centralized claims administration and clinical services functions. It also offers some of the services it provides to payers to pharmacy benefit managers (PBMs) who manage prescription drug coverage for members (i.e., insureds) under health benefit plans.
Sagility India customers are all based in the USA. The company's five largest customer groups had an average tenure of service of 17 years as of March 31, 2024. In January 2024, the company served five of the ten largest players in the US. In addition, the company acquired 20 new customers in the financial years 2024 and 2023.
For the quarter ended on June 30, 2024, Sagility India reported a net profit of Rs 22.29 crore with a revenue of Rs 1,257.76 crore. The company clocked a net profit of Rs 228.27 crore with a revenue of Rs 4,781.5 crore for the financial year ended on March 31, 2024. The company shall command a total market capitalization slightly above Rs 14,000 crore.
Sagility India has reserved 1,9,00,000 shares worth Rs 5.70 crore for the eligible employees of the company, who will get a discount of Rs 2 apeice. It has reserved 75 per cent of the net for the qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will get 15 per cent of the offer. Remaining 10 per cent of the net offer shall be allocated towards the retail investors.
ICICI Securities, IIFL Securities, Jefferies India 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 tentative date of listing.