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Medi Assist Healthcare's IPO has been 28 per cent subscribed so far on January 15, the first day of offering, and received bids for 54.58 lakh shares against the issue size of 1.96 crore shares.
The retail portion is 50 percent booked and high net worth individuals (HNI) have purchased 13 percent of the allocated quota.
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The price band for the issue, which closes on January 17, has been set at Rs 397-418 per share. The ₹1,171.58 crore issue is solely an offer for sale of shares worth ₹2.8 crore.
Ahead of the IPO, the Bengaluru-based third-party administrator (TPA) for health insurance mobilized Rs 351.5 million through its anchor book issue. Key names on the anchor investor list included Nomura Trust, Goldman Sachs, Ashoka Whiteoak, Pinebridge Global Funds, Troo Capital and HSBC.
The main objective of Medi Assist's IPO is to complete the OFS and enjoy the benefits of listing the shares on the stock exchanges. In the meantime, all proceeds from the offering go to the selling shareholders and the company receives no money.
Medi Assist reported 18.7 percent year-on-year growth in consolidated net profit for the year ended March 2023 to 75.31 billion from customer contracts in the first half of FY24.
The basis for allotment of IPO shares will be decided by January 18 and the successful investors will receive the shares in their demat accounts by January 19. The stock is expected to be listed on the stock exchange on January 22nd.
Medi Assist Healthcare Services provides TPA services to insurance companies through its three wholly owned subsidiaries, Medi Assist TPA, Medvantage TPA and Raksha TPA.
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