Sagility shares hit 5% lower circuit as promoter launches Rs 2,671 crore stake sale via OFS

Private equity firm EQT-backed Sagility B.V., a promoter of Sagility India, informed exchanges that it plans to offload shares worth up to Rs 2,671 crore ($314.7 million) via the OFS route. The offer opens for non-retail investors on May 27 and for retail investors on May 28.

The base offer includes up to 346.13 million equity shares, representing a 7.39% stake. With an oversubscription option of 356.87 million shares, the total offer could rise to 703 million shares — or 15.02% of the company’s outstanding equity.

The floor price has been set at Rs 38 per share, an 11.4% discount to the last closing price of Rs 42.87 on the NSE as of May 26.

At the floor price, the base offer is valued at Rs 1,315 crore ($154.9 million), while the full offer could raise Rs 2,671 crore ($314.7 million). The entire transaction is a secondary sale, with no fresh issuance of shares.

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Sagility India, a business process management services provider, had launched a Rs 2,106 crore IPO in November last year, which was subscribed over three times. That IPO was also entirely an OFS of 702.2 million shares by Sagility B.V. The promoter group currently holds an 82.39% stake in the company.

According to Trendlyne, the average target price for Sagility India is Rs 58, indicating an upside of nearly 43% from current levels. Of the six analysts tracking the stock, the consensus rating is ‘Strong Buy’.

While Sagility shares have gained 18% over the past six months, they are down 15% year-to-date. The company’s market capitalisation currently stands at Rs 19,062 crore.

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