New Delhi: Sagility India Ltd, a provider of technology-enabled services in the healthcare services space, has filed preliminary documents with markets regulator Sebi for an initial public offering.
The proposed IPO by the Bengaluru-based company is entirely an offer for sale (OFS) of 98.44 crore shares by promoter Sagility B.V, according to the Draft Red Herring Prospectus (DRHP).
Offer includes subscription reservation for eligible employees.
Since it is an SFO, the company will not receive any proceeds from the public issue and the entire fund will go to the selling shareholders.
The company, in its draft filed on Friday, said the objective of the initial share sale is to gain the benefits of listing the shares on stock exchanges.
Additionally, the company anticipates that listing the shares will increase its visibility and brand image, provide liquidity to its shareholders and establish a public market for the shares.
The company offers technology-driven services to both payers (U.S. health insurance companies, which finance and reimburse the cost of health services) and providers (primarily hospitals, physicians, and medical device and diagnostic companies). .
In March 2024, Sagility acquired BirchAI, a healthcare technology company specializing in cloud-based generative AI technology. This acquisition is expected to improve member and provider engagement and reduce customers' operational costs through AI-powered customer service solutions using large language models (LLM) and speech-to-text integrated with the solutions. of Sagility participation.
As of March 31, 2024, Sagility had 35,044 employees (60.52 percent of them women), up from 30,830 a year earlier.
Sagility India's operating income during fiscal 2024 rose 12.7 per cent to Rs 4,753.56 crore from Rs 4,218.41 crore a year ago. Its profit after tax soared 50 per cent to Rs 228.27 crore for fiscal 2024 from Rs 143.57 crore a year earlier.
ICICI Securities, IIFL Securities, Jefferies India and J.P. Morgan India are the lead managers of the issue. The company's shares are proposed to be listed on the BSE and NSE.
The proposed IPO by the Bengaluru-based company is entirely an offer for sale (OFS) of 98.44 crore shares by promoter Sagility B.V, according to the Draft Red Herring Prospectus (DRHP).
Offer includes subscription reservation for eligible employees.
Since it is an SFO, the company will not receive any proceeds from the public issue and the entire fund will go to the selling shareholders.
The company, in its draft filed on Friday, said the objective of the initial share sale is to gain the benefits of listing the shares on stock exchanges.
Additionally, the company anticipates that listing the shares will increase its visibility and brand image, provide liquidity to its shareholders and establish a public market for the shares.
The company offers technology-driven services to both payers (U.S. health insurance companies, which finance and reimburse the cost of health services) and providers (primarily hospitals, physicians, and medical device and diagnostic companies). .
In March 2024, Sagility acquired BirchAI, a healthcare technology company specializing in cloud-based generative AI technology. This acquisition is expected to improve member and provider engagement and reduce customers' operational costs through AI-powered customer service solutions using large language models (LLM) and speech-to-text integrated with the solutions. of Sagility participation.
As of March 31, 2024, Sagility had 35,044 employees (60.52 percent of them women), up from 30,830 a year earlier.
Sagility India's operating income during fiscal 2024 rose 12.7 per cent to Rs 4,753.56 crore from Rs 4,218.41 crore a year ago. Its profit after tax soared 50 per cent to Rs 228.27 crore for fiscal 2024 from Rs 143.57 crore a year earlier.
ICICI Securities, IIFL Securities, Jefferies India and J.P. Morgan India are the lead managers of the issue. The company's shares are proposed to be listed on the BSE and NSE.
