Sagility India recently attracted ₹366 crore in pre-IPO funding from Adani Institutional Investors and other major players. This substantial investment comes as Sagility India, a leading technology provider in healthcare services, prepares for its ₹2,107 crore IPO set to open on November 5, 2024, with shares priced at ₹28-30 each.
Key details of Adani Institutional Investors’ pre-IPO investment in Sagility India
Recently, Sagility BV announced it raised ₹366 crore on October 30-31 through a share sale. Specifically, it sold 12.2 crore shares at ₹30 each, attracting nine prominent institutional investors, including Adani Properties. Notably, Gautam Adani’s company purchased a 0.14% stake, investing ₹20 crore in the process. Additionally, funds like 360 ONE and Avendus Future Leaders Fund II participated, signaling high investor interest in Sagility’s future.
Key IPO structure and offering information
For its IPO, Sagility India will conduct a complete offer-for-sale (OFS) of 70.2 crore shares. Since this is an OFS, all proceeds will go to the promoter, Sagility BV, rather than Sagility India itself. The IPO opens for subscription on November 5 and closes on November 7. Importantly, the allocation is structured as follows:
- 75% reserved for qualified institutional buyers (QIBs)
- 15% for non-institutional investors (NIIs)
- 10% for retail investors
The minimum bid size is 500 shares. Moreover, shares will be listed on both BSE and NSE, increasing accessibility for investors.
Sagility India’s financial growth and strategic expansion
Sagility India has established itself as a key player in the U.S. healthcare market. Not only does it provide solutions to payers, like insurance companies, but also to providers, including hospitals, clinics, and diagnostic centers. In March 2024, Sagility further expanded by acquiring BirchAI, which added AI-driven customer support to its offerings.
Sagility’s financial growth has also been impressive. For FY24, the company reported revenue of ₹4,753.56 crore—a 12.7% increase from the previous year. Profit after tax rose by 50%, reaching ₹228.27 crore. Additionally, in Q1 FY25, revenue reached ₹1,223.33 crore, with a profit after tax of ₹22.29 crore, reflecting the company’s continued growth.
Financial performance boosted by Adani Institutional Investors’ confidence in Sagility India
This pre-IPO investment demonstrates strong investor confidence in Sagility India. Led by ICICI Securities, IIFL Securities, Jefferies India, and JP Morgan India, the IPO is expected to attract a diverse group of investors interested in supporting Sagility’s expansion. Notably, Sagility’s workforce of 35,044 employees, with 60.52% being women, highlights its commitment to diversity and growth.
In summary, Sagility India’s IPO reflects the company’s substantial growth potential and aligns with a broader trend of Indian tech firms attracting major investment. As the IPO date approaches, high investor interest confirms Sagility’s expected role as a leader in healthcare technology.
