Medi Assist Healthcare IPO: The mainboard initial public offering (IPO) of insurance-tech company will be opening for subscription from tomorrow, January 15, 2024. The company is a third-party administration (TPA) services provider to insurance companies and offers offers medical insurance and cashless hospitalization through a network of healthcare service providers.
The company also acts as a mediator between general and health insurance companies and their insured members, insurance companies and healthcare providers (such as hospitals), and the government and beneficiaries of public health schemes. Medi Assist Healthcare collaborated with 36 insurance companies in India with over 14,000 hospitals in 967 cities and towns in 32 states and union territories, as of March 31, 2023.
Also Read: Medi Assist Healthcare IPO: Investcorp, Bessemer sell shares worth ₹536 crore ahead of IPO opening
During FY23, the Bengaluru-based company settled 5.27 million claims, comprising 2.44 million in-patient claims and 2.83 million out-patient claims. Medi Assist Healthcare Services’ revenue increased by 25.95 per cent and profit after tax rose by 18.66 per cent in fiscal 2022-2023. Medi Assist Healthcare is also the first entity in TPA services sector (to insurance companies) to go public.
Here are top 10 things to know about Medi Assist Healthcare IPO:
Medi Assist Healthcare IPO key dates: Medi Assist Healthcare IPO opens for subscription on January 15, 2024 and closes on January 17, 2024.
Medi Assist Healthcare IPO price band: The health-tech company has fixed Medi Assist IPO price band at ₹397 to ₹418 per equity share.
Medi Assist Healthcare IPO Details: Medi Assist Healthcare IPO is a book built issue of ₹1,171.58 crore. The issue is entirely an offer for sale (OFS) of 2.8 crore shares by the existing shareholders and there is no fresh issue component.
Medi Assist Healthcare IPO Lot Size: Investors can bid for a minimum of 35 equity shares in the Medi Assist Healthcare Services IPO and in multiples of 35 shares thereafter. The minimum application size for retail investors will be ₹14,630 (for 35 shares) and the maximum investment by them will be ₹1,90,190 (for 455 shares).
Medi Assist Healthcare IPO Objectives: The main objectives of Medi Assist IPO are to complete the OFS and to achieve the benefits of listing the equity shares on the bourses, as the company expects the move to enhance visibility and brand. The company will not receive any proceeds from the offer. All proceeds from the offer will go to the selling shareholders.
Medi Assist Healthcare IPO reservation: Half of the entire offer size (i.e. 1,40,14,084 equity shares) has been reserved for qualified institutional buyers (QIBs). Further, 15 per cent shares of the IPO are reserved for non-institutional investors (NIIs) (or high net-worth individuals), and the remaining 35 per cent for retail investors.
Lead Manager and Registrar of Medi Assist Healthcare IPO: Axis Bank Limited, IIFL Securities Ltd, Nuvama Wealth Management Limited and SBI Capital Markets Limited are the book running lead managers of the Medi Assist Healthcare IPO, while Link Intime India Private Ltd is the registrar for the issue.
Medi Assist Healthcare IPO allotment date and listing date: The allotment for the Medi Assist Healthcare IPO is expected to be finalized on Thursday, January 18, 2024. Medi Assist Healthcare IPO will list on BSE, NSE with tentative listing date fixed as Monday, January 22, 2024.
Anchor Investors: Medi Assist Healthcare Services successfully garnered ₹351.5 crore through its anchor book issue ahead of the upcoming IPO. The company allocated 84,08,449 equity shares to anchor investors at ₹418 per share, as per the regulatory filing.
Medi Assist Healthcare IPO GMP Today: Medi Assist Healthcare IPO GMP or grey market premium was ₹30, which meant that shares were trading trading at their issue price of ₹418 at a premium of ₹30 in the grey market according to investorgain.com. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
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Published: 14 Jan 2024, 07:53 PM IST