Medi Assist Healthcare Services’ first public offering began on Monday, January 15. Medi Assist Healthcare Services’ IPO got off to a poor start on the first day, with 54% booked. There is still hope for a favorable subscription outcome with two days left in the Medi Assist IPO.
On Friday, January 12, the Medi Assist IPO collected ₹351.47 crore and allocated 84,08,449 equity shares to 35 anchor investors.
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Medi Assist Healthcare Services Limited provides insurance companies with third-party administration services through its fully owned subsidiaries, Medvantage TPA, Raksha TPA, and Medi Assist TPA. A third-party administrator is an organization that processes health insurance claims on the behalf of insurance companies while also providing services such as network management, policy administration, and customer support.
As of September 30, 2023, the organization has built a pan-India healthcare provider network that included 18,754 hospitals in 1,069 cities and towns, 31 states (including union territories), and 141 nations globally.
The company declared in its red herring prospectus (RHP) that there are no listed businesses in India that operate in a business similar to theirs and their subsidiaries.
Details about Medi Assist Healthcare Services’ Initial Public Offering
Medi Assist’s IPO, valued ₹1,171.58 crore, includes an offer-for-sale (OFS) by investors, promoters, and present shareholders to sell 2.8 crore shares of the firm. As a result, the selling stockholders will get the whole issue proceeds, minus the IPO expenditures.
The company’s promoters include Dr. Vikram Jit Singh Chhatwal, Bessemer India Capital Holding II Ltd., and Medimatter Health Management Private Limited.
Investor Investcorp Private Equity Fund I and promoter Bessemer India Capital Holdings II reduced their stake in Medi Assist Healthcare Services ahead of the anchor book and IPO opening dates. On January 10, the business sold shares for ₹536 crore, according to a letter given to investors via Financial Express (FE) on January 12.
The book-running lead managers for the Medi Assist Healthcare IPO are Axis Bank Limited, Nuvama Wealth Management Limited, IIFL Securities Limited, and SBI Capital Markets Limited. Link Intime India Private Ltd. is the registrar for this offering.
Medi Assist Healthcare Services’ IPO GMP today.
Medi Assist’s IPO GMP today, or grey market premium, is +33. Investorgain.com reports that Medi Assist Healthcare Services’ share price was trading at a premium of ₹33 on the gray market.
Medi Assist Healthcare Services’ share price is predicted to be ₹451 per share, 7.89% more than the IPO price of ₹418. This is based on the upper end of the IPO pricing band and the current grey market premium.
The ‘grey market premium’ reflects investors’ willingness to pay more than the issue price.
