Sagility India IPO Day 2: Check Latest GMP, subscription details and more

Sagility India IPO: Leading brokerages such as Nirmal Bang, BP Equities, Marwadi Shares & Finance Ltd, Ventura Securities Ltd, and Canara Bank have given a "Subscribe" rating for the IPO, citing Sagility's strong financial performance.

In Short

• Sagility India IPO subscribed 52% on Day 2 of bidding
• Employee portion subscribed 2.44 times; retail portion 2.24 times
• IPO trading at grey market premium of Rs 0.75

Sagility India Limited's Initial Public Offering (IPO) was subscribed 52% on Day 2 of bidding on Wednesday. The issue has received bids for 20,09,58,500 shares against the total offer of 38,70,64,594 equity shares. The price band for the IPO is Rs 28-30.

The employee portion was subscribed 2.44 times, the retail portion 2.24 times, while the non-institutional investors' and qualified institutional buyer portions were subscribed 0.24 times and 0.07 times, respectively.

As of the second day, the IPO is trading at a grey market premium (GMP) of Rs 0.75, indicating subdued investor interest. On the first day, the IPO's GMP stood at Rs 0.

The issue opened on November 5, 2024, and will close on November 7, 2024.

A day before the issue opened, Sagility India raised Rs 945 crore from anchor investors, including prominent names like HDFC Mutual Fund, Nomura, Norges Bank, ICICI Prudential Mutual Fund, and Mirae Asset Mutual Fund.

Leading brokerages such as Nirmal Bang, BP Equities, Marwadi Shares & Finance Ltd, Ventura Securities Ltd, and Canara Bank have given a “Subscribe” rating for the IPO, citing Sagility's strong financial performance.

In financial year 2024, the company reported a revenue of Rs 4,753.55 crore, up from Rs 4,218.41 crore in FY 2023, reflecting its growing market share. EBITDA rose to Rs 1,116.04 crore, with adjusted EBITDA at Rs 1,171.46 crore. The company also posted an increase in adjusted profit after tax (PAT), which grew to Rs 589.55 crore from Rs 455.59 crore the previous year. The adjusted PAT margin improved from 10.80% to 12.40%.

Sagility India is a healthcare-focused services provider catering to both Payers (U.S. health insurance companies) and Providers (hospitals, physicians, and medical device companies). The company offers services across claims management, benefits administration, premium billing, and clinical functions such as utilization management and care management.

ICICI Securities, IIFL Securities, Jefferies India, and J.P. Morgan India are the book-running lead managers for the IPO, while Link Intime India Private Limited serves as the registrar.