Medi Assist Healthcare Services IPO subscribed 54%

Published on Jan 15, 2024 17:08

The initial public offer (IPO) of Medi Assist Healthcare Services received bids for 1,05,68,425 shares as against 1,96,19,719 shares on offer, according to stock exchange data at 17:00 IST on Monday (15 January 2024). The issue was subscribed 0.54 times.

The issue opened for bidding on Monday (15 January 2024) and it will close on Wednesday (17 Thursday 2024). The price band of the IPO is fixed at Rs 397-418 per share. An investor can bid for a minimum of 35 equity shares and in multiples thereof.

The issue will be complete offer for sale of 28,028,168 shares aggregating up to Rs 1171.58 crore by existing shareholders.

The company will not directly receive any proceeds from the offer, and all the offer proceeds will be received by the selling shareholders, in proportion to the offered shares sold by them.

The promoter and promoter group shareholding is expected to decline to 45.75% post- IPO from 67.55% pre-IPO.

Ahead of the IPO, Medi Assist Healthcare Services on Friday, 12 January 2024 raised Rs 351.47 crore from anchor investors. The board allotted 84.08 lakh shares at Rs 418 each to 36 anchor investors.

Medi Assist Healthcare Services provides third party administration (TPA) services to insurance companies through its wholly owned Subsidiaries, Medi Assist TPA, Medvantage TPA and Raksha TPA. A third party administrator is an organization that processes health insurance claims for insurance companies and provides services such as policy administration, customer service and network management, among others.

The company also acts as a facilitator between insurance companies and their policy holders, insurance companies and healthcare providers (such as hospitals), and the Government and beneficiaries of public health schemes.

The firm reported a net profit of Rs 24.26 crore and sales of Rs 301.96 crore for the six months ended on 30 September 2023.