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.
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.
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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.
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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.
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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.