Adani and Others Invest ₹366 Crore in Sagility India Ahead of ₹2,107 Crore IPO

Sagility BV has successfully raised ₹366 crore by selling a 2.61% stake in Sagility India just before the company’s initial public offering (IPO), which is valued at ₹14,044 crore. The IPO is set to open for subscription on November 5.

A subsidiary of EQT Private Capital Asia, Sagility BV sold 12.2 crore shares at ₹30 each to nine institutional investors on October 30 and 31. Notable investors include 360 ONE and Avendus Future Leaders Fund II, along with Adani Properties, owned by Gautam Adani, which acquired a 0.14% stake for ₹20 crore.

IPO Details:
– Issue Structure: The IPO consists entirely of an offer-for-sale (OFS) of 70.2 crore shares by Sagility BV.
– Fund Utilization: The proceeds will go directly to the promoter, Sagility BV.
– Investor Allocation: The offering allocates 75% to qualified institutional buyers, 15% to non-institutional investors, and 10% to retail investors. The minimum bid size is 500 shares.

Sagility India, based in Bengaluru, is a technology-enabled service provider for the US healthcare sector, delivering solutions to both payers (insurance companies) and providers (hospitals, physicians, and diagnostic companies). In March, the company acquired BirchAI to enhance its AI-powered customer support capabilities. As of March 31, it employed 35,044 people, with women comprising 60.52% of the workforce.

Financial Highlights:
– FY24 Revenue: ₹4,753.56 crore, a 12.7% increase from the previous year.
– Profit After Tax: ₹228.27 crore, reflecting a 50% rise.
– Q1 FY25 Results (ending June 30): Revenue of ₹1,223.33 crore and profit after tax of ₹22.29 crore.

The lead managers for the IPO include ICICI Securities, IIFL Securities, Jefferies India, and JP Morgan India, with plans to list shares on the BSE and NSE.