Indegene IPO subscribed 70 times on final day; TBO Tek booked 1.15x on Day 1

The ₹1,842-crore public issue of healthcare tech firm Indegene received an overwhelming response from investors, with the IPO subscribing nearly 70 times on the final day of bidding. After a long time, it was a busy day for the primary market with the bidding for online travel distribution platform TBO Tek and Aadhar Housing Finance also opening today. While TBO Tek’s issue got fully booked on Day 1, the IPO of the affordable housing finance company was subscribed 0.44 times.

As per the data available on the BSE, Indegene’s IPO was overall subscribed 69.83 times as it received bids for 201.57 crore shares against the issue size of 2.88 crore shares.

The quota reserved for qualified institutional buyers (QIB) was booked 197.55 times, followed by a 54.98 subscription in the non-institutional investors’ (NII) category. In the retail investor segment, the issue received 7.85 times bids, while quota reserved for employees was booked 6.41 times.

As per the document filed with the SEBI, the company had reserved half of the issue for QIBs, 35% for retail investors, and remaining 10% for NIIs. The issue included a reservation of equity shares aggregating up to ₹12.5 crore for eligible employees, offered at a discount of ₹30 per equity share.

The IPO comprises a fresh issue of equity shares worth up to ₹760 crore and an offer for sale (OFS) of up to 23,932,732 shares worth ₹1,082 crore by existing shareholders and investors. The price band of the IPO is ₹430-452 and lot size is 33 shares and in multiples thereafter. The tentative date for the listing of shares of Indegene on the BSE and NSE is May 13.

TBO Tek IPO fully subscribed on Day 1

The ₹1,550.81-crore IPO of TBO Tek managed to fully subscribe on the opening day of the three-day issue. The issue was booked 1.15 times on Day 1, amid strong response from retail and non-institutional investors.

The IPO was booked 3.14 times in the retail category, 2.08 times in NII, and 0.01 times in the QIB category. The quota reserved for employees was booked 2.23 times.

TBO Tek is offering shares at a price band of ₹875-920 per share, which is a combination of a fresh issue of 0.43 crore equity shares aggregating to ₹400 crore and an offer for sale (OFS) of 1.56 crore shares worth ₹1,150.81 crore. Under the OFS, promoters Gaurav Bhatnagar, Manish Dhingra, and LAP Travel, along with other selling shareholders such as TBO Korea and Augusta TBO, will offload their shares.

The lot size for an application is 16 shares, which means the minimum investment amount required by retail investors will be ₹14,720 for one lot. The company has reserved 75% of the issue for qualified institutional buyers, 15% for non-institutional investors, and the remaining 10% for retail investors.

Aadhar Housing Finance makes slow start

Blackstone Group-backed housing finance company, which plans to raise ₹3,000 crore via IPO route, garnered subdued response from investors on the first day of bidding. The IPO, having a price band of ₹300-315 per share, was subscribed 0.44 times on Day 1, led by non institutional investors.

As per the exchange data, the quota for NII was booked 0.6 times, followed by the retail segment with 0.41 and 0.33 times in the QIB category. The portion reserved for employees was subscribed 2.01 times. The company has reserved half of the issue for QIBs, up to 15% for NIIs, and the remaining 35% for retail investors, including employees.

The issue comprises a fresh issue of 3.17 crore shares worth ₹1,000 crore and an offer for sale (OFS) of 6.35 crore shares amounting to ₹2,000 crore by promoter BCP Topco VII Pte Ltd, an affiliate of the U.S.-based investment group, Blackstone. The mortgage lender aims to use funds raised from fresh equities to meet future capital requirements for onward lending and general corporate purposes.