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PremiumSagility IPO Day 3 Live Highlights: The subscription period for Sagility India Ltd's initial public offering will end today (Thursday, November 7). Up to this point, the offering has attracted significant interest from retail investors and employees, although the demand from non-institutional investors and Qualified Institutional Buyers has been relatively low. It is expected that the final day of bidding will see the issue reach full subscription levels. Market analysts have expressed a favourable view of the Sagility India IPO, which is linked to its attractive pricing.
Sagility India's IPO noted a subscription rate of 52% on the second day of bidding, which was Wednesday. The portion designated for retail individual investors (RIIs) recorded a subscription rate of 2.24 times, whereas the segment for non-institutional investors saw a subscription rate of 24%. The qualified institutional buyers (QIBs) section reported a 7% subscription. The employee segment was subscribed at a rate of 2.44 times.
Sagility India Ltd announced on Monday that it has secured more than ₹945 crore from anchor investors. The public offering, which commenced on Tuesday, November 5, has set a price band of ₹28-30 per share.
The IPO from the Bengaluru-based firm includes only an offer for sale of 70.22 crore shares, valued at ₹2,106.60 crore at the maximum price point. The promoter, Sagility BV, is selling off its stake through this OFS.
Sagility India, formerly known as Berkmeer India Private Limited, provides solutions and services focused on healthcare for both Payers (US health insurers tasked with funding and reimbursing healthcare expenses) and Providers (primarily hospitals, physicians, diagnostic services, and medical technology companies).
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Sagility IPO Day 3 Live Updates: Sagility India's public issue oversubscribed 3.2 times on the final day.
The retail investor segment led the oversubscription with 4.16 times booking.
Sagility IPO Day 3 Live Updates: On the final day of the bidding rounds, the Non-Institutional Investors (NIIs) oversubscribed to the public offer 1.92 times.
NIIs placed their bids for 20.15 crore shares, compared to the 10.50 crore shares on offer.
Sagility IPO Day 3 Live Updates: Qualified Institutional Buyers (QIBs) follow the retail investor's lead as the segment gets oversubscribed 3.52 times on the final day of bidding.
QIBs have bid for 73.86 crore shares, while the offer was for 21 crore shares.
Sagility IPO Day 3 Live Updates: Retail investors lead the bidding round on the final bidding day of the public issue as the segment gets overbooked 4.07 times on Thursday, November 7.
Sagility IPO Day 3 Live Updates: Sagility India's public issue oversubscribed 3.18 times on the final day as retail investors fuel the bidding on Thursday, November 7.
Sagility IPO Day 3 Live Updates: The grey market premium (GMP) of Sagility India's public issue falls to ₹0.30 as of November 7. The shares are expected to be listed at ₹30.3 per shares or at a premium of 1 per cent.
November 7 is the final bidding day for the IPO, which is expected to be listed on Tuesday, November 12.
Sagility IPO Day 3 Live Updates: Sagility India's public issue has been oversubscribed 2.2 times on it's final day with investors bidding for 85.10 crore shares, compared to the 38.70 crore shares offered.
Sagility India's IPO garnered strong interest on its third day, with bids for 25.7 crore shares, nearly 70 times the 38.7 crore shares on offer, according to NSE data.
The company reported 23.5% and 17.8% EBITDA margins for FY24 and the quarter ending June 30, 2024, respectively. The issue is valued at a P/E of 56.6x on the upper price band based on FY24 earnings, which is deemed fair. Therefore, we recommend a “SUBSCRIBE" rating for the issue.
The initial public offer of Sagility IPO has been subscribed 66% on the last day of subscription today, at 11:21 IST, as per BSE data.
The initial share sale received bid for 25,68,12,000 shares against 38,70,64,594 shares on offer, at 11:21 IST, according to BSE.
The portion for retail investors received 2.81 times subscription while the quota for non-institutional investors got subscribed 38%. The qualified institutional buyers (QIBs) part is booked 7%. The employee portion has been subscribed 2.88 times.
The brokerage noted in its report that the company concentrates solely on the US healthcare sector. Additionally, the results of the US presidential election might influence its business activities. The valuation seems elevated, with no comparable peers available for analysis. The IPO is a full offer for sale. The prevailing market conditions might also affect the subscription and performance upon listing. Investors might want to think about avoiding this IPO.
Sagility India Limited is one of the leading tech-enabled healthcare specialists with comprehensive coverage across healthcare payer and provider markets. The company’s deep, long-term, expanding client relationships across healthcare payers and providers assist in high client stickiness and retention. Investors interested in the company can invest in the IPO for the long term.
The initial public offer of Sagility IPO has been subscribed 61% on the last day of subscription today, at 10:24 IST, as per BSE data.
The initial share sale received bid for 23,55,88,000 shares against 38,70,64,594 shares on offer, at 10:24 IST, according to BSE.
The portion for retail investors received 2.58 times subscription while the quota for non-institutional investors got subscribed 34%. The qualified institutional buyers (QIBs) part is booked 7%. The employee portion has been subscribed 2.70 times.
Sagility India IPO GMP today is +0.50. This indicates Sagility India share price was trading at a premium of ₹0.50 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Sagility India share price is indicated at ₹30.5 apiece, which is 1.67% higher than the IPO price of ₹30.
According to the grey market activities over the past 10 sessions, the present GMP ( ₹0.50) indicates a downward trend. The minimum GMP recorded is ₹0, while the maximum GMP reached is ₹3, as per the insights from investorgain experts.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
