Technology-enabled business solutions and services provider Sagility India , has garnered Rs 945 crore from anchor investors ahead of its initial public offering which has opened for public subscription today.The company informed the bourses that it allocated 31.51 crore (31,51,34,668) equity shares at a price of Rs 30 per share to the anchor investors on Monday, November 04.Out of the total number of equity shares allocated to the anchor investors, 11.84 crore (11,84,03,500) shares were allocated to 8 domestic mutual funds through a total of 26 schemes amounting to nearly Rs 355 crore i.e. 37.57% of the total anchor book size.Foreign and domestic institutions who participated in the anchor round were HDFC Mutual Fund, Nomura, Government Pension Fund Global (Norges Bank), ICICI Prudential Mutual Fund, Mirae Asset Mutual Fund, ICICI Prudential Life, WhiteOak Mutual Fund, Amundi, Allspring Global, Lion Global, Motilal Oswal Mutual Fund and Max Life Insurance among others. As per an earlier public announcement in October, the company sold a total of 12.20 crore shares in their secondary sale, representing 2.61% of the company's pre-offer share capital.Prominent investors include Avendus Future Leaders Fund II, 360 One Special Opportunities Fund - Series 8, and 360 One Monopolistic Market Intermediaries Fund, Adani Properties Private Limited, Unmaj Ventures LLP, Elpro International Limited, Jasub Property Holdings LLP, Jaya Chandrakant Gogri and Rashesh Chandrakant Gogri, PAM Family Trust, Shradha Family Trust, Kollareddy Ranganayakamma, Uma Priyadarshini Kollareddy.IPO DetailsThe IPO is entirely an offer-for-sale of 70.22 crore shares by the promoter, Sagility B.V., with no fresh issue component. All proceeds, excluding expenses, will go to the selling shareholder, and Sagility India will not receive funds from the issue.The offer includes a discount of Rs 2 for eligible employees bidding in the employee reservation process.Sagility India, provider of technology-enabled business solutions and services to clients in the U.S. healthcare industry has raised Rs 366 crore from Avendus, 360 One (erstwhile IIFL Wealth) besides other prominent individual investors through secondary sale.The original IPO size was reduced from 98.44 crore shares as initially proposed in the preliminary filings. Sagility B.V., an affiliate of EQT Private Capital Asia, is the sole promoter of the Bengaluru-based company and will reduce its shareholding by 15%, retaining 85% after the IPO.The price band for the offer has been determined at Rs 28 – Rs 30 per share.The IPO will fetch Rs 2,106.60 crore at the upper end of the price band.Investors can bid for a minimum of 500 equity shares and in multiples of 500 equity shares thereafter. The offer is being made through the book-building process, wherein not less than 75% of the net offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not more than 15% of the net offer shall be available for allocation to non-institutional investors, and not more than 10% of the net offer shall be available for allocation to retail individual bidders.ICICI Securities Limited, IIFL Securities Limited, Jefferies India Private Limited, J.P. Morgan India Private Limited are the book-running lead managers, and Link Intime India Private Limited is the registrar of the issue.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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