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Unlisted shares of Sagility India Ltd are trading just Rs 0.30 higher in the grey market, signalling a muted listing.
Sagility India IPO Allotment.
The Sagility India IPO concluded on Thursday with a 3.2 times subscription receiving bids for 1,23,99,75,500 shares as against the 38,70,64,594 shares on offer. The IPO allotment is expected to take place today, Friday, in the evening. Once allotted, the investors will receive a debit message from their bank. However, the grey market activity is showing a subdued listing possibility with the current GMP being at just 1 per cent. Here’s how to check the Sagility India IPO allotment online:
The shares of Sagility India are scheduled to be listed on both BSE and NSE on November 12.
The allotment status can be checked online on the websites of BSE and NSE, as well as on the registrar Link Intime India’s portal.
Sagility India IPO: How to Check Allotment Status?
Once the IPO allotment is finalised, the status can be checked by following these steps:
1) Go to the official BSE website via the URL —https://www.bseindia.com/investors/appli_check.aspx.
2) Under ‘Issue Type’, select ‘Equity’.
3) Under ‘Issue Name’, select ‘Sagility India Ltd’ in the dropbox.
4) Enter your application number, or the Permanent Account Number (PAN).
5) Then, click on the ‘I am not a robot’ to verify yourself and hit ‘Search’ option.
Your share application status will appear on your screen.
You can also visit direct Link Intime India Pvt Ltd’s portal — https://linkintime.co.in/initial_offer/public-issues.html and check the Sagility India IPO allotment status.
Sagility India IPO: GMP Today
According to market observers, unlisted shares of Sagility India Ltd are trading just Rs 0.30 higher in the grey market than its issue price. The Rs 0.30 grey market premium or 1 per cent GMP means the grey market is expecting a muted listing. The GMP is based on market sentiments and keeps changing.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Sagility India IPO: More Details
The Sagility India IPO was opened between November 5 and November 7. During the period, the initial public offering got bids for 123,99,75,500 shares against 38,70,64,594 shares on offer, which is a 3.2 times subscription.
The portion for Retail Individual Investors (RIIs) mopped up 4.16 times subscription while the category for Qualified Institutional Buyers (QIBs) got subscribed 3.52 times.
The Bengaluru-based Sagility India’s proposed IPO is entirely an offer for sale (OFS) of 70.22 crore shares, by promoter Sagility B V, worth Rs 2,106.60 crore at the upper end of the price band.
The offer includes a reservation for subscription by eligible employees.
Since it is an OFS, the company will not receive any proceeds from the public issue, and the entire fund will go to the selling shareholders.
The objective of the initial share-sale is to gain the advantages of listing the equity shares on stock exchanges, the company stated.
Additionally, the company anticipates that listing the equity shares will boost its visibility and brand image, provide liquidity to its shareholders, and establish a public market for the equity shares.
The company said that 75 per cent of the issue size has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors. Investors can bid for a minimum of 500 equity shares and in multiples of 500 thereafter.
The company provides technology-driven services to both payers (US health insurance companies, which finance and reimburse the cost of health services), and providers (primarily hospitals, physicians, and diagnostic and medical devices companies).
In March 2024, Sagility acquired BirchAI, a healthcare technology firm specialising in cloud-based generative AI technology. This acquisition is expected to enhance member and provider engagement and reduce clients’ operational costs through AI-powered customer support solutions using speech-to-text and large language models (LLMs) integrated with Sagility’s engagement solutions.
As of March 31, 2024, Sagility had 35,044 employees, 60.52 per cent of them women, up from 30,830 a year ago.
Sagility India’s revenue from operations during fiscal year 2024 increased 12.7 per cent to Rs 4,753.56 crore against Rs 4,218.41 crore a year ago. Profit after tax soared 50 per cent to Rs 228.27 crore from Rs 143.57 crore in the preceding year.
For the three months ended June 30, 2024, revenue from operations stood at Rs 1,223.33 crore and profit after tax at Rs 22.29 crore.
ICICI Securities, IIFL Securities, Jefferies India, and JP Morgan India are the book-running lead managers to the issue. The company’s equity shares are proposed to be listed on the BSE and NSE.
