Mumbai, October
30, 2024: Sagility India Limited, provides
technology-enabled business solutions and services to clients in the U.S.
healthcare industry, has fixed the price band of ₹28/-
to ₹30/- per Equity
Share of face value ₹10/- each for its maiden initial public offer.
The Initial Public
Offering (“IPO” or “Offer”) of the Company will open on Tuesday, November
05, 2024, for subscription and
close on Thursday, November 07, 2024. Investors
can bid for a minimum of 500 Equity
Shares and in multiples of 500 Equity
Shares thereafter.
The IPO is entirely an offer for sale of up to 702.20 million
equity shares by Sagility B.V, the Promoter Selling Shareholder. The offer
includes a discount of Rs 2 for eligible employees bidding in the employee reservation
process.
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 (“PBMs”) 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.
The offer is being made through the book-building process, wherein not less
than 75% of the net offer shall be available for allocation on a proportionate
basis to qualified institutional buyers, not more than 15% of the net offer
shall be available for allocation to non-institutional investors, and
not more than 10% of the net offer shall be available for
allocation to retail individual bidders.
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.
Notes for
Reference:
Issue Size of the IPO based on the
upper and lower end of the price band
|
|
Offer
for sale (702,199,262 equity shares)
|
|
Lower
Band (@ Rs 28)
|
Rs
1,966.16 crore
|
|
Upper
Band (@ Rs 30)
|
Rs
2,106.60 crore
|
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