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Medi Assist Healthcare Services, the Bengaluru-based third-party health insurance administrator, raised Rs 351.5 crore through its anchor book issue ahead of the IPO launch. The public edition opens next week on January 15th and closes on January 17th.
Key names on the anchor investor list included Nomura Trust, Goldman Sachs, Ashoka Whiteoak, Pinebridge Global Funds, Troo Capital and HSBC.
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Additionally: HDFC Mutual Fund, Kotak Mahindra Trustee, Aditya Birla Sun Life Trustee, SBI Life Insurance Company, Mirae Asset, Canara Robeco Mutual Fund, Tata Mutual Fund, Sundaram Mutual Fund, Bandhan Mutual Fund, Edelweiss Trusteeship, Bajaj Allianz Life Insurance Company , Domestic investors Max Life Insurance Company and SBI General Insurance Company also participated in the anchor book, which was launched for a day on January 12.
The healthcare technology company, in consultation with the underwriters, has completed allotment of 84,08,449 shares to anchor investors at a price of Rs 418 per share.
Also read: IPO of Medi Assist Healthcare Services | 10 important things to know before buying the Rs 1,172 crore public issue
“Out of the total allotment of 84,08,449 shares to anchor investors, 40,70,768 shares have been allotted to 11 domestic mutual funds through a total of 18 schemes,” the company said in its filing to exchanges.
Bessemer India Capital-backed Medi Assist plans to raise Rs 1,171.6 crore through an initial public offering (IPO) of 2.8 crore shares next week. The price range for the offer has been set at Rs 397-418 per share.
The said fundraising plan involves only an offer for sale (OFS) by the existing shareholders and there is no new issue component. Therefore, the issue proceeds, subject to IPO costs, will go to the selling shareholders.
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Also read: Medi Assist Healthcare IPO: Investcorp exits with 7x jump in earnings of Rs 537 crore
The project sponsors Dr. Vikram Jit Singh Chhatwal and Bessemer Health Capital LLC will exit the company by selling their entire personal holding of 25,39,092 shares and 66,06,084 shares in OFS respectively.
Additionally, Vikram Jit Singh Chhatwal and his wife Savitri Choudhury, Medimatter Health Management, will offload 1,24,68,592 shares while the remaining 62,75,706 shares will be offloaded by investor Investcorp Private Equity Fund I, part of Bahrain-based Investcorp Group, is also sold in the OFS.
Also read: Jyoti CNC Automation IPO: Check allotment, listing dates and gray market premium
Another 9 shareholders will also sell a total of 1,38,694 shares through OFS.
On January 10, Investcorp sold 86,34,746 shares and Bessemer India Capital Holdings II, the promoter, sold 41,86,500 shares of Medi Assist ahead of the opening of the IPO. Their current stake in the company is 9.11 percent and 29.84 percent, respectively.
Meanwhile, the trading premium of the Medi Assist IPO on the gray market has fallen to 15 percent from 19 percent previously, despite the good stock market conditions, market observers said. The gray market is an unofficial platform where the IPO shares can be bought and sold until they are listed.
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