Shares of Sagility India is scheduled to make its debut at Dalal Street on Tuesday, November 12. The healthcare solutions provider is likely to see a soft landing at the bourses considering the muted market sentiments and lower levels of subscription for the issue. Investors should trim their hopes of listing pop from the issue.
Ahead of its listing, shares of Sagility India have seen a sharp correction in the Grey market premium (GMP) on the back of a muted response from investors. Last heard, the company was commanding a premium of less than Rs 1 in the unofficial market, suggesting merely 2 per cent listing pop for the investors.
The IPO of Sagility India ran for bidding between November 5 and November 7. The Bengaluru-based player had offered its shares in the fixed price band of Rs 28-30 per share with a lot size of 500 shares. It 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 merely 3.2 times, which was rescued by qualified institutional bidders (QIBs) as their 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.
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. ICICI Securities, Jefferies India, IIFL Securities and JP Morgan India were the book running lead managers of the Sagility India IPO, while Link Intime India was the registrar for the issue. Shares of the company shall be listed on both BSE and NSE.