India's Indegene jumps in debut trade

Indegene

13/05/2024 07:08

** Shares of Indegene  INEG.NS  rise 44.9% in trading debut
vs IPO price of 452 rupees
    ** INEG, provider of digital services for biopharma
industry, opens at 655 rupees, stock so far above IPO price  
    ** INEG currently up 27.3% at 137.64 bln rupees ($1.65 bln)
valuation 
    ** "Indegene defied market negativity with a spectacular
debut on stock exchanges in line with expectations of premium
between 40-50%" - Shivani Nyati, head of wealth at Swastika
Investmart
    ** Broader market declines on concerns over outcome of
ongoing national elections, sustained selling by foreign
investors  .BO 
    ** INEG raised 18.42 bln rupees ($220.6 mln) in IPO which
had fresh issue of shares worth 7.60 bln rupees, offer for sale
of shares worth 10.82 bln rupees - prospectus
    ** IPO oversubscribed 69.91x last week - exchange data
   
($1 = 83.5125 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))