Medi Assist Healthcare Services Ltd. launched its IPO on Monday. The first share sale will continue until January 17th. The stock was subscribed at 54% on the first day and 1.20% on the second day.
The IPO is a pure offer for sale in which promoters and other shareholders will offload up to 2.80 crore shares worth Rs 1,171.6 crore. The price band for the issue is set at Rs 397-418 per share.
The company raised Rs 351.4 crore from anchor investors ahead of its first share sale. According to the exchanges, 84.08 lakh shares were allotted to 36 funds at the maximum price of Rs 418 apiece.
Goldman Sachs, Nomura Holdings Inc., Jupiter India Fund, Pinebridge Global Funds, SBI Life Insurance Co., Bajaj Allianz Life Insurance Co. and Aditya Birla Sun Life Insurance Co. participated in the anchor round.
HDFC Mutual Fund, Kotak Mahindra Mutual Fund, Aditya Birla Sun Life Mutual Fund, Edelweiss Mutual Fund, Tata Mutual Fund, Sundaram Mutual Fund and Bandhan Mutual Fund were among the fund houses that received shares from the anchor book.
Since the IPO is strictly an OFS, the proceeds from the share sale will go to the promoters and shareholders and not to the company. The sales promoters include Chairman Vikram Jit Singh Chhatwal of Medimatter Health Management Pvt. and Bessemer Health Capital LLC.
The IPO was subscribed 1.96 times as of 11:15 a.m. on Wednesday.
-
Institutional investors: 0.90x or 90%
-
Non-institutional investors: 2.97x
-
Private investors: 2.14x
Comments are closed.