Indegene IPO: The Good and The Bad

The company

Indegene is a third-party commercialisation service provider to the life sciences industry, serving biopharmaceutical, emerging biotech, and medical devices companies.

IPO details

Post IPO

Financial history

Key ratios

The Good

The company has high client stickiness as a result of its deeply integrated solutions into clients' workflows. The revenue from its top 10 clients rose during FY21-23.

The Bad

Indegene's business is heavily concentrated in North America and Europe (97% of FY23 revenue). Any adverse event in those regions could impact the company.

The Bad

Indegene operates in a highly competitive industry. Companies offering solutions similar to Indegene's make the industry extremely competitive.

Risk report

Is the company's net debt-to-equity ratio less than one? Yes. Its net debt-to-equity ratio was 0.4 as of December 2023.

To read the complete risk report, swipe up.