Indegence Limited has filed DRHP on 16 December, 2022, with market regulator SEBI to launch the IPO of the Company. The IPO comprises both Offer for Sale and Fresh Issue. The size of fresh issue is up to ₹9,50 crore while the size of OFS is up to 36,291,497 Equity Shares. 

Business Model of Company

Indegence Limited is a “digital-first” commercialization company focused exclusively on the global life sciences industry. The solutions of the Company enable biopharmaceutical, emerging biotech and medical devices companies develop products, launch them in the market, and drive sales through their life cycle in a more effective, efficient and modern manner. The Company achieves this by combining over two decades of healthcare domain expertise and fit-for-purpose technology.

The portfolio of solutions cover all aspects of commercial, medical, regulatory and R&D operations of life sciences companies. The Company has established client relationships with 19 of the 20 largest biopharmaceutical companies in the world by revenue for the Financial Year 2021 (Source: Everest Report), having earned more than 70.00% of its total revenue from continuing operations for each of the Financial Years 2022, 2021 and 2020 from these 19 customers. As of June 30, 2022, the Company had a total of 52 active clients. 

Who is the Management of the Company?

(i) Manish Gupta is the Chairman, Executive Director and the Chief Executive Officer of the Company. He holds a bachelor of technology degree in mechanical engineering from the Indian Institute of Technology (Banaras Hindu University), Varanasi and a postgraduate diploma in management from the Indian Institute of Management, Ahmedabad. He has 22 years of experience in the technology-led healthcare solutions provider sector. He has been a Director of the Company since February 11, 2000.

(i) Dr. Sanjay Suresh Parikh is an Executive Director and Executive Vice President of the Company. He holds a bachelor of technology degree in electrical engineering from the Indian Institute of Technology, Bombay and a master of science degree (clinical engineering) from Case Western Reserve University, Ohio, USA. He also holds a doctorate in philosophy from Johns Hopkins University. He has 30 years of experience in the pharmaceuticals industry and technology-led healthcare solutions provider sector. He was appointed as a Director on the Board of the Company on January 29, 2002.

Why is the company raising funds via IPO?

Offer for Sale

The Selling Shareholders will be entitled to their respective portion of the proceeds of the Offer for Sale after deducting their respective proportion of Offer related expenses and relevant taxes thereon. The Company will not receive any proceeds from the Offer for Sale and the proceeds received from the Offer for Sale will not form part of the Net Proceeds. 

The Fresh Issue

The Company proposes to utilize the Net Proceeds towards funding of the following objects:
1.Repayment/prepayment of indebtedness of one of the Subsidiaries, ILSL Holdings, Inc.
2.Funding the capital expenditure requirements of the Company and the Material Subsidiary 
3.Payment of consideration towards acquisition of additional shares in DT Associates Limited by ILSL Holdings
4.General corporate purposes and inorganic growth.
 
Further, the Company expects to receive the benefits of listing of the Equity Shares on the Stock Exchanges.

Is there any OFS in the IPO?

Yes, the IPO of Indegence Limited comprises OFS also. The size of OFS is up to 36,291,497 Equity Shares. The Selling Shareholders will be entitled to their respective portion of the proceeds of the Offer for Sale after deducting their respective proportion of Offer related expenses and relevant taxes thereon

Risks

• Risk of not generate new engagements from clients 

If the Company is  unable to generate new engagements from the clients, it may have a negative impact on the business, cash flows and results of operations. The  business of the Company is dependent on its ability to generate engagements for providing solutions to the clients. The inability to generate new engagements on a timely basis and subsequently execute work orders for such engagements could impact the business of the Company. 

• Subject to regulatory requirements

The Company is subject to regulatory requirements in the performance of services under the client contracts and if the Company fails to comply with such requirements, its reputation, business, financial condition, results of operations and cash flows may be adversely affected. Under its client contracts, the Company is  required to adhere to regulatory requirements governing the promotion, sales, and marketing of life sciences products, as applicable. 

• Subject to significant costs or liability

If the Company fails to deliver solutions in accordance with contractual requirements, it could be subject to significant costs or liability and its reputation could be harmed. The Company contracts with life sciences companies to deliver a wide range of solutions which involves complex processes and adherence with several contractual requirements and service standards. If the Company fails to comply with applicable laws, the business of the Company, financial condition, results of operations and cash flows may be adversely affected.

• Risk of termination of engagement with clients when they restructure their business 

Restructuring of the clients’ business and operations have in the past and could in the future reduce the number of the clients and potential clients. Such restructurings could include consolidations, de-consolidations and internal reorganizations.  If the clients of the Company restructure their business and operations, this may result in terminations of their engagements with the Company or in a reduction of their reliance on the Company's solutions, which could harm the operating results and financial condition.

• The business of the Company may be adversely impacted by factors affecting the life sciences industry,

All of the Company's revenues are earned from clients in the life sciences industry, a significant portion of which is attributable to clients in the biopharmaceutical industry. Consequently, demand for the Company's solutions and, in turn, the  revenues of the Company, depend on, among other things: the pace of growth of the life sciences industry; and trends in the life sciences industry, including outsourcing trends, healthcare reform and the pace of digitization. The business of the Company may be adversely impacted by factors affecting the life sciences industry, including the growth of the overall life sciences industry, outsourcing and other trends.

IRM Energy Limited had filed its DRHP on 16.12.2022 with SEBI to launch its IPO. The IPO of the Company comprises fresh issue only. The size of fresh issue is up to 10,100,000 Equity Shares aggregating up to ₹ [●] million. 

Business of the Company 

IRM Energy Limited is  a city gas distribution (“CGD”) company in India, with operations at Banaskantha (Gujarat), Fatehgarh Sahib (Punjab), Diu & Gir Somnath (Union Territory of Daman and Diu/Gujarat), and Namakkal & Tiruchirappalli (Tamil Nadu), engaged in the business of laying, building, operating and expanding the city or local natural gas distribution network. 

The Company is an integrated value driven energy enterprise, developing natural gas distribution projects in the geographical areas (“GAs”) allotted to the Company for industrial, commercial, domestic and automobile customers, and the Company has built its competency as a CGD company by development of its existing GAs since 2017. (Source: CRISIL Report) The Company focuses on meeting the energy needs of customers in its GAs through its pipelines and CNG station network at a competitive price, while maintaining high safety standards.

(Source: CRISIL Report)

The Company has positioned itself as the provider of one of the safest, cleanest and most cost-effective fuels for households, commercial establishments and industrial units as well as for fuel requirements in the transport segment. (Source: CRISIL Report). The Company distributes CNG for use in motor vehicles and PNG for use by domestic households as well as for commercial and industrial units. The Company was recognized as the ‘City Gas Distribution - Growing Company of the Year 2020’ by Federation of Indian Petroleum Industries.

Management of the Company 

(i) Maheswar Sahu is a Non-Executive Director of the Company and the Chairman of the Board of Directors of the Company. He holds a Bachelor of Science degree in electrical engineering from Regional Engineering College, Rourkela. He also holds a Master of Social Science degree from the University of Birmingham. He joined Indian Administrative Service (IAS) in 1980. He has served the Government of India and Government of Gujarat in various capacities for more than three decades before retiring as Additional Chief Secretary to Government of India, Industries and Mines Department (Industries & Mines), Sachivalaya, Gandhinagar, Gujarat. He has 33 years of active involvement in government departments handling various profiles and PSU management. At present he is on the board of directors of listed companies as an Independent Director.

(ii) Dr. Rajiv Indravadan Modi is the Promoter and Non- Executive Director of the Company. He holds a Bachelor of Technology in chemical engineering from Indian Institute of Technology, Bombay. He also holds a diploma in Biochemical Engineering From University College London and a degree of a Doctor of Philosophy (Biological Sciences) from University of Michigan. He is a fellow member at Indian National Academy of Engineering. He also serves as the Chairman of Board of Governors of IIT Guwahati and Chairperson of the Board of Governors of IIT Gandhinagar, Gujarat. He is also a member of the Board of Governors of the Academy of Scientific and Innovative Research. He has more than thirty years of experience as an industrialist in the pharmaceuticals industry and at present he is the chairman and managing director of Cadila Pharmaceuticals Limited.

Why Company is raising money through the IPO?

The Company proposes to utilize the Net Proceeds from the Issue towards funding the following objects:

1. Funding capital expenditure requirements for development of the City Gas Distribution network in the Geographical Areas of Namakkal and Tiruchirappalli (Tamil Nadu) in Fiscal 2024, Fiscal 2025 and Fiscal 2026.

2. Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the Company.

3. General corporate purposes.

Further, the Company expects to receive the benefits of listing the Equity Shares on the Stock Exchanges, including, to enhance its brand image and visibility amongst its existing and potential customers and creation of a public market for its Equity Shares in India.

Is there any OFS in the IPO of the Company?

No, the IPO of the Company comprises fresh issue only. There is no OFS in the IPO. 

Risk in the IPO

Dependent on third parties

The Company is dependent on third parties for sourcing and transportation of natural gas. Any disruption in the receipt of 

such natural gas from these third parties, or delay or default in timely transportation of the natural gas could lead to a disruption or failure in the supply of natural gas by the Company, which could adversely affect the business, reputation, results of operations and cash flows of the Company.

Dependent on Government policies

The Company is dependent on Government policies for allocation of natural gas and cost of gas supplied for  CNG and domestic PNG customers (the “Priority Sector”). Any reduction in allocation of natural gas or any increase in the cost of gas could adversely affect the business, reputation, operations and cash flows of the Company. 

Operations are restricted to defined geographical boundaries 

The Company conducts its operations at Banaskantha (Gujarat), Fatehgarh Sahib (Punjab), Diu & Gir Somnath (Daman and 

Diu/Gujarat), under receipt of authorizations for the above geographical areas (“GAs”) awarded in the bidding conducted by Petroleum and Natural Gas Regulatory Board (“PNGRB”). The operations of the Company are restricted to defined geographical boundaries and the natural gas requirements in these regions may be affected by various factors outside its control, which may adversely affect the Company's business operations, profitability and cash flows.

Input materials may significantly go up in this time frame

Pursuant to the authorizations received from the PNGRB,  the Company is required to undertake capital expenditure and expand  operations in a particular GA in compliance with the MWP mandated by the PNGRB, thus making it a capital-intensive business. Typically, a project is to be rolled out over a period ranging from five to eight years from the date of authorization.  While the Company enters into contracts (ranging between 12 to 24 months) with vendors for procurement of items required for project roll-out, given the long schedule of expansion, the cost of the materials and manpower required in such GAs may increase significantly over this period of time. An increase in the cost of input materials may adversely affect expansion plans, financial condition and results of operations. 

Certain of Directors of the Company are on the board of directors of companies engaged in a line of business similar to the Company

 Geeta Amit Goradia, the Non-Executive Independent Director and Badri Narayan Mahapatra, the Non-Executive Director are on the board of directors of companies engaged in a line of business similar to  Company. Geeta Amit Goradia is an independent director on the board of directors of Sabarmati Gas Limited, which is engaged in the business of CNG and PNG distribution for commercial and domestic use, among others. Similarly, Badri Narayan Mahapatra is a director on the board of directors of Enertech Fuel Solutions Private Limited and Sanguine Management Services Private Limited, which are engaged in the business of, among other things, the trading of natural gas. Further, Badri Narayan Mahapatra is also on the board of directors of Enertech Distribution Management Private Limited. These entities may provide comparable services, expand their presence, solicit its employees or acquire interests in competing ventures in the locations or segments in which the Company operates.
 

A demat account is an account that enables you to hold securities, i.e., stocks, shares, mutual funds, and bonds, in electronic format. It is also known as a Demat Account.

What is a Demat account?

A demat account is an account that enables you to hold securities, i.e., stocks, shares, mutual funds, and bonds, in electronic format. It is also known as a Demat Account.

When you purchase securities, it gets deposited in your demat account. To understand it better, you can compare a demat account with your bank account as well. To Deposit your money in a bank, you need to have a Bank account. Similarly, when you buy shares and want to hold it, you need to have a demat account.

The demat account in India is maintained by two depositories - NSDL and CDSL. You cannot directly interact with depositories. There are intermediaries between Depositories and Investors which are known as Depository Participants who are also called Brokers. A demat account can be opened with such Depository Participants.

History of Demat Account

The necessity of time led to the evolution of demat accounts. Prior to 1991, Physical share certificates were used for all investment-related transactions, including purchases of stocks, shares, mutual funds, and bonds. As a result, there were numerous instances of fraud and the misplacement of share certificates. Additionally, it was very difficult to recover the shares after losing the share certificates.

To address these problems, the Indian government came up with the concept of dematerializing share certificates. Consequently, shares might be held digitally without the need for physical documents. It made it possible for shareholders to keep their shares digitally and fixed all the issues described above.

Importance of Demat Account

1. There is no tension about losing share certificates.

2. It reduced cases related to fraud.

3. Higher liquidity and lower costs.

4. Bonus shares and stock splits are now automatically credited into the demat account. 

Difference Between Demat and Trading Account

As mentioned above, a demat account is used for holding stocks, shares, mutual funds, and bonds. Shares in demat account accounts are deposited in digital form. A trading account is used for placing buy and sell orders in the stock market. 

Difference Between Demat and Trading Account 

Top 10 Broker in India

Brokers, also called "depository participants," play a big role in the stock market. They act as middlemen between investors and the places where money is kept, i.e., the depository. To put money into the stock market, you need a demat account. Brokers like these can open these DEMAT accounts. Their job is to make trades on their clients' behalf, for which they charge fees called "brokerage charges."

Brokers are mostly one of two types.

There are full-service brokers and discount brokers. Full-service brokers offer their clients a wide range of services, such as portfolio managers, advice, and educational materials.
Discount brokers, on the other hand, focus on carrying out their clients' buy and sell orders.

Some full-service brokers charge between 0.3% and 0.5% per trade, while some discount Brokers charge as little as Rs. 10 per trade, no matter how much the trade is worth. In terms of the highest number of active clients the list of top ten brokers in India-
 

Founded by Nikhil Kamath and Nitin Kamath, Zerodha is the fastest growing discount broker in India. Started in 2010, with customer centric approach, soon Zerodha became market leader in the industry and currently serving 65+ lakhs active clients. Being the No.1 stock broker, Zerodha is technologically the most advanced stock broker in India. Zerodha is a discount broking firm that provides the facility to invest in equity, currency, direct mutual fund, commodity, IPO,  future and options. The brokerage charges of Zerodha for equity delivery and direct mutual funds are zero. For intraday trading, the brokerage charge is Rs. 20 or 0.03% (whichever is lower) irrespective of transaction size. The account opening charge with Zerodha is Rs. 300 and the same amount for annual maintenance charge. For investment in equity and mutual funds, Zerodha has developed two different applications, Kite for investment and intraday trading and Coin for mutual funds investment.

Angel One

Incorporated in 1987, Angel One is the largest full-service stock brokerage firm, offering a wide range of services, including investing and trading. Angel One stands in 4th position in the list of the largest number of active clients. Angel one is currently serving 42 lakhs active clients. It provides the facility to invest in equity, commodity, currency, and regular mutual funds, including advisory, margin funding and loans against shares. To Compete with discount brokers, the Company launched its own discount broking platform. Under a plan “Angel iTrade Prime”, the Company now offers a brokerage charge of Rs. 20 per trade which is fixed across all segments except equity delivery with zero brokerage charge. Account opening charge with Angel one is zero while they charge Rs. 240 for annual maintenance charge. The Company has so far 142 offices across 14 states and 35 cities in India.

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Founded by Nikhil Kamath and Nitin Kamath, Zerodha is the fastest growing discount broker in India. Started in 2010, with customer centric approach, soon Zerodha became market leader in the industry and currently serving 65+ lakhs active clients. Being the No.1 stock broker, Zerodha is technologically the most advanced stock broker in India. Zerodha is a discount broking firm that provides the facility to invest in equity, currency, direct mutual fund, commodity, IPO,  future and options. The brokerage charges of Zerodha for equity delivery and direct mutual funds are zero. For intraday trading, the brokerage charge is Rs. 20 or 0.03% (whichever is lower) irrespective of transaction size. The account opening charge with Zerodha is Rs. 300 and the same amount for annual maintenance charge. For investment in equity and mutual funds, Zerodha has developed two different applications, Kite for investment and intraday trading and Coin for mutual funds investment.

Groww

Groww, incorporated in 2016 by four Ex-employees of Flipkart Lalit Keshre, Neeraj Singh, Harsh Jain and Ishan Bansal,  is the second largest discount broker in India after Zerodha. Groww is operated under Nextbillion Technology Private Limited which is a SEBI-registered broker. In 2017, Groww started its operation with direct mutual fund distribution platforms and within a year it became one of the most popular platforms for mutual fund investment. Due to growing demand, in 2020, Groww added the facility to invest in stocks followed by digital gold, ETFs, Intraday, and IPO in the same year. Later, they also added the facility to invest in US stocks and fixed deposits as per customer requirements. Groww has developed a trading platform named Groww (web and mobile app). The brokerage charge of Groww is Rs. 20 or 0.05% (whichever is lower) per trade execution irrespective of the transaction amount. For investment or redemption of mutual funds, charges are zero with Groww.

Basic Details 

Broker Ratings

Product Offerings

Brokerage Charges 

Leverage/Margin Details

Additional Features

Founded by Nikhil Kamath and Nitin Kamath, Zerodha is the fastest growing discount broker in India. Started in 2010, with customer centric approach, soon Zerodha became market leader in the industry and currently serving 65+ lakhs active clients. Being the No.1 stock broker, Zerodha is technologically the most advanced stock broker in India. Zerodha is a discount broking firm that provides the facility to invest in equity, currency, direct mutual fund, commodity, IPO,  future and options. The brokerage charges of Zerodha for equity delivery and direct mutual funds are zero. For intraday trading, the brokerage charge is Rs. 20 or 0.03% (whichever is lower) irrespective of transaction size. The account opening charge with Zerodha is Rs. 300 and the same amount for annual maintenance charge. For investment in equity and mutual funds, Zerodha has developed two different applications, Kite for investment and intraday trading and Coin for mutual funds investment.

Upstox

Incorporated in 2009 by Ravi Kumar, Kavitha Subramanian and Shrini Viswanath, Upstox is the third largest brokerage firm in India in terms of active clients base. Upstox is backed by Ratan Tata and Tiger global with shareholding of 1.33% and 31.1% respectively. It is operated under RKSV securities which is a SEBI registered financial service provider. It is a low broker whose brokerage charges are comparatively less compared to other discount brokers. Upstox is a discount broking firm which offers trading services across equity, commodities, futures and options, IPOs and mutual funds. For equity delivery, Upstox charges Rs. 20 or 2.5% (whichever is lower). For options, the company charges a flat Rs. 20. For Intraday trading, commodities, currency and futures the charge is a lower of Rs. 20 or 0.05%.  The account opening charge with Upstox is zero and maintenance charge is Rs. 249. It provides web, mobile and desktop trading platforms. 

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Broker Ratings

Product Offerings

Brokerage Charges 

Leverage/Margins  

Additional Features 

Other Investment Options