Sagility India IPO: Adani Properties amongst nine other investors to pick up ₹366 crore stake ahead of public issue

Sagility BV, a subsidiary of EQT Private Capital Asia, raised ₹366 crore through the sale of a 2.61 per cent stakeholding in Sagility India Ltd, according to the company reported news portals on November 3. 

Nine institutional investors picked up a stake in Sagility India ahead of its initial public offering (IPO) set to open on November 5, as per the media reports. 

“Promoter has on October 30 and October 31 transferred 12.2 crore equity shares at a price of ₹30 per share, the upper price band, amounting to ₹366 crore,” said a notice by the Bengaluru-based company that was published in business newspapers.

Sagility’s notice highlighted a share purchase agreement was executed between Sagility BV and investors, dated October 30, as per the media reports. 

EQT Private Capital Asia is also the parent company of Sagility India Ltd.

Buyers of the stake

360 ONE (through Special Opportunities Fund – Series 8, and Monopolistic Market Intermediaries Fund) were the two largest buyers among the nine investors. They acquired a 1.07 per cent stake for 150 crore.

Avendus Future Leaders Fund II followed the trail and picked up 0.9 per cent stakeholding for ₹126 crore. Adani Group-owned Adani Properties also picked up 0.14 per cent shares for ₹20 crore, according to the media reports. 

Elpro International, Jasub Property Holdings, Jaya Chandrakant Gogri and Rashesh Chandrakant Gogri, PAM Family Trust, Shradha Family Trust, Unmaj Ventures, and Uma Priyadarshini Kollareddy and Kollareddy Ranganayakamma were the other shareholders buying in 0.5 per cent shares worth ₹70 crore, as per media reports.

The shareholding of the promoters will be reduced to 97.39 per cent after these transactions, as per the report. The prior standing was 100 per cent promoter ownership of the firm, as per the company’s draft papers filed on October 29, reported the news portals.

After the IPO and above pre-offer selling, Sagility BV will hold an 82.39 per cent stake in Sagility India. 

About Sagility India IPO

Sagility is a healthcare-centric service provider that focuses on US health insurance companies financing and reimbursing the cost of health services. It also caters to providers like hospitals, physicians, and diagnostic and medical device companies.

The IPO comprises only an offer-for-sale (OFS) component of 70.2 equity shares by the promoter Sagility BV. The company aims to raise ₹2,106.60 crore from its public issue, and the funds raised from the issue will go to the promoter selling shares and not the company.

The anchor round for the public issue will be held on November 4, and the IPO will close for public subscription on November 7.

ICICI Securities, IIFL Securities, Jefferies India, and JP Morgan India are the merchant bankers for the initial public offering.