Issue subscribed 3.2 times on final day
MUMBAI, Nov 7 (The CONNECT) – The Initial Public Offering of Sagility India Limited was subscribed 3.2 times on the final day of bidding, today.
The issue received bids of 1,23,88,21,000 shares against the offered 38,70,64,594 equity shares, at a price band of ₹28-30, according to the data available on the stock exchanges.
The retail portion was subscribed 4.15 times. Qualified Institutional Buyer Portion and Non-Institutional Investors Portion were subscribed 3.52 times and 1.93 times respectively, whereas Employee Portion was subscribed 3.75 times.
ICICI Securities Limited, IIFL Securities Limited, Jefferies India Private Limited, J.P. Morgan India Private Limited are the book-running lead managers, and Link Intime India Private Limited is the registrar of the issue.
Company Information
Sagility India Limited is a pure-play healthcare focused services provider, and its clients include Payers (U.S. health insurance companies, which finance and reimburse the cost of health services) and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies)
The Company services to Payers cater to various aspects of their operations including core benefits administration functions such as claims management, enrolment, benefits plan building, premium billing, credentialing, and provider data management and clinical functions such as utilization management, care management, and population health management.
Its services to Providers include revenue cycle management functions such as financial clearance, medical coding, billing, and accounts receivable follow-up services. Additionally, it also provides some of the services that it provides to Payers to pharmacy benefit managers that manage prescription drugs for Members (i.e., insured persons) under health insurance plans. It delivers the services leveraging its tools and platforms, as needed, through its capable talent pool from its five global service delivery locations in India, the Philippines, the U.S., Jamaica and Colombia.
In the Financial Year 2024, Sagility helped Payer clients process 105 million claims and manage over 75 million Member and Provider interactions. It has no listed comparable in India or abroad that cater to US Healthcare Enterprises
As of June 30, 2024, Sagility employed 35,858 people, with 60.52% being women. This was 33,575 people in June 30 2023.
Sagility India’s restated revenue from operations during the fiscal year 2024 increased 12.69% to Rs 4,753.56 crore from Rs 4,218.41 crore in the previous year, primarily due to growth in volumes from existing clients and addition of new SOWs during the Financial Year 2024. Profit after tax grew 58.99% from Rs 143.57 crore for the financial year 2023 to Rs 228.27 crore for the financial year 2024.
For the three months ended June 30, 2024, revenue from operations stood at Rs 1,223.33 crore and profit after tax stood at Rs 22.29 crore.
