Indian healthtech firm Indegene files for IPO, Carlyle to sell stake
Indian health technology company Indegene Ltd has filed for an initial public offering, with private equity firm Carlyle looking to offload a part of its stake, draft papers filed with the market regulator showed on Thursday.
Local media reported that the Bengaluru-based company was aiming to raise over 32 billion rupees ($386.73 million) through the offering. Reuters could not immediately confirm the figure.
The IPO consists a fresh issue of shares worth 9.5 billion rupees and a sale of up to 36.3 million shares by existing shareholders, including a Carlyle entity, the filing showed.
CA Dawn Investments, a Carlyle entity which held a 20.8% stake in Indegene, will be selling up to 17.2 million shares in the offering, while Brighton Park Capital funds will offload up to 8.4 million shares, according to the filing.
Carlyle and U.S. investment firm Brighton Park Capital took minority stakes in Indegene for $200 million in February 2021.
Infosys co-founder NS Raghavan's Nadathur Family Office will also sell about 8 million shares in the IPO.
Indegene will use proceeds from the new share sale to pay its unit's debt, fund capital expenditure, and pay a deferred consideration for a past acquisition.
The company, which gets 66% of its revenue from North America and 27% from Europe, reported a 10% rise in net profit for the year ended March 2022. Revenue jumped 72%.
Kotak Mahindra Capital, Citigroup, J.P. Morgan and Nomura are book running lead managers to the IPO.
