This compares with an IPO pricing of ₹28-30 per share, which translates to a listing gain of around 10% if the trends sustain.
Just ahead of the IPO opening, Sagility India’s parent firm Sagility BV garnered about ₹366 crore by offloading a 2.61% stake to nine institutional investors.
The Bengaluru-based company aims to raise ₹2,107 crore through the public offer, which is entirely as an offer-for-sale of 70.2 crore equity shares by the only promoter Netherlands-based Sagility BV.
All proceeds, excluding expenses, will go to the selling shareholder, and Sagility India will not receive funds from the issue.
The original IPO size was reduced from 98.44 crore shares as initially proposed in the preliminary filings. Sagility BV, an affiliate of EQT Private Capital Asia, is the sole promoter of Sagility India and will reduce its shareholding by 15%, retaining 85% after the IPO.
The anchor book opens later today, and the issue will close for subscription on November 7.
As much as 75% of the IPO has been reserved for institutional buyers, 10% will be available to retail participants, and the remaining 15% to non-institutional investors.
The minimum lot size for an application is 500 shares.
Sagility India posted a 47.5% decline in profit to ₹22.3 crore for the quarter ending June 2024, primarily due to decreased operating margins and higher taxes. Revenue surged 9.6% to ₹1,223.3 crore, but EBITDA fell by 26% to ₹193.9 crore, with margins shrinking 777 basis points to 15.85%.
In FY24, Sagility’s net profit rose 59% to ₹228 crore despite a dip in operating margin, bolstered by reduced finance costs and increased other income. Revenue grew 12.7% to ₹4,753.6 crore, while EBITDA rose by 5.9% to ₹1,088 crore, though margins declined by 150 basis points to 22.9%.
ICICI Securities Limited, Iifl Securities Ltd, Jefferies India Private Limited and JP Morgan India Private Limited are the book running lead managers, while Link Intime India is the registrar for the issue.
The allotment for the Sagility India IPO is expected to be finalised on November 8, while the company will list on BSE, NSE with tentative listing date fixed as November 12, 2024.