Sagility India shares make muted debut; stock lists at 4% premium

Shares of Sagility India made a muted Dalal Street on Tuesday, November 12 as the healthcare solutions provider was listed at Rs 31.06 on NSE, a premium of 3.53 per cent over its issue price of Rs 30. Similarly, the stock kicked off its maiden trading session at the same price on BSE as well.

Listing of Sagility India shares has been better than expectations. Ahead of its listing, shares of Sagility India were commanding a grey market premium (GMP) of less than Rs 1 in the unofficial market, suggesting merely 2 per cent listing pop for the investors. The GMP stood at Rs 3 before the bidding kicked-off.

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 during the three-day bidding process. The quota for qualified institutional bidders (QIBs) 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.

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 served as the book running lead managers of the Sagility India IPO, while Link Intime India was appointed as the registrar for the issue.