Private Equity

PE Fund Investments

Avendus Fund invests $6.5 M in IPO-bound Indegene via secondary deal

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Avendus Future Leaders Fund has picked up a stake in IPO-bound Indegene Pvt Ltd in a secondary transaction, which values the healthtech firm at over USD 1.5 Billion. Carlyle and another investor sold their shares to Avendus. The deal size is USD 6.5 million (INR 53.5 crore). Indegene had raised USD 200 million from Brighton Park Capital and The Carlyle Group in February 2021. It had filed for an initial public offering to raise INR 3,200 crore in December. While the company plans to raise around INR 950 crore in a primary fund infusion, there is an offer for sale where existing investors will sell around 3.36 equity shares. Founded in 1998, Indegene offers solutions that help enable biopharmaceutical, emerging biotech, and medical devices companies to develop products, launch them in the market, and drive sales throughout their life cycle. Indegene's revenue from operations was INR 1,665 crore in FY22. It recorded a profit after tax of around INR 163 crore.