Adani, others invest ₹366 crore in Sagility India ahead of ₹2,107 crore IPO

Sagility BV raised ₹366 crore by selling a 2.61 per cent stake in Sagility India before its IPO, valued at ₹14,044 crore. The IPO opens November 5.

Published on: Nov 3, 2024, 12:35:14 IST

By HT News Desk

Prefer HTon Google

Share via

Copy link

Sagility BV, a subsidiary of EQT Private Capital Asia, has raised ₹366 crore by selling a 2.61 per cent stake in Sagility India to nine institutional investors, just days before the company’s upcoming IPO.

Adani group chairman Gautam Adani. (ANI)

The Bengaluru-based Sagility India, valued at ₹14,044 crore, is set to open its ₹2,107 crore IPO for subscription on November 5 with a price band of ₹28-30 per share.

In a recent disclosure, Sagility India confirmed that on October 30 and 31, Sagility BV sold 12.2 crore shares at ₹30 per share, raising ₹366 crore in pre-IPO transactions with investors like 360 ONE and Avendus Future Leaders Fund II. The Gautam Adani-owned Adani Properties also acquired shares, purchasing a 0.14 per cent stake for ₹20 crore.

ALSO READ- Google India net profit up by 6.1% for FY 24, major growth in IT services

IPO details:

Issue structure: Entirely an offer-for-sale (OFS) of 70.2 crore shares by Sagility BV.

Fund utilisation: The proceeds will go solely to the promoter, Sagility BV.

Subscription: Opens November 5, closes November 7.

Investor allocation: 75 per cent for qualified institutional buyers, 15 per cent for non-institutional investors, and 10 per cent for retail investors. The minimum bid size is 500 shares.

ALSO READ- Apple to buy photo editing app maker Pixelmator. What changes for users?

Sagility India is a technology-enabled service provider for the US healthcare sector, offers solutions to both payers (insurance companies) and providers (hospitals, physicians, diagnostic companies).

In March, Sagility acquired BirchAI, enhancing its AI-powered customer support capabilities. As of March 31, the company had 35,044 employees, with 60.52 per cent being women.

ALSO READ- Viral message urges people to download app for ‘SBI rewards’, PIB fact checks

Financial highlights:

FY24 revenue: ₹4,753.56 crore, up 12.7 per cent from the previous year.

Profit after tax: ₹228.27 crore, a 50 per cent rise.

Q1 FY25 results (ending June 30): ₹1,223.33 crore in revenue, ₹22.29 crore in profit after tax.

Lead managers for the IPO are ICICI Securities, IIFL Securities, Jefferies India, and JP Morgan India, with plans to list shares on the BSE and NSE.

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.