Medi Assist Healthcare IPO: Investcorp, Bessemer sell shares worth ₹536 crore ahead of IPO opening

Medi Assist Healthcare IPO: Investor Investcorp Private Equity Fund I and promoter Bessemer India Capital Holdings II decreased their ownership of Medi Assist Healthcare Services prior to the anchor book and IPO opening dates. On January 10, shares of the company valued at ₹536 crore were sold, according to a notice sent to investors on Financial Express (FE) on January 12.

Bessemer India Capital Holdings II, one of the company's promoters and largest shareholder, transferred 41,86,500 equity shares, or 6.08% of the pre-offer equity share capital, in Medi Assist to insurance companies, at a price of ₹418 per share, according to a notice sent to investors on FE.

Bessemer India Capital transferred the aforementioned shares, valued at ₹175 crore, to Denmark-based Novo Holdings A/S on January 10. Novo Nordisk Foundation asset is handled by Novo Holdings A/S. Novo will become the company's new public shareholder as a result of this, as per the notice.

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Consequently, Bessemer India Capital's shareholding dropped from 35.92%(2,47,31,608) earlier, or at the time of filing the red herring prospectus, to 29.84% (2,05,45,108 equity shares), said the notice.

Investcorp has transferred its 86,34,746 equity shares, or 12.54% of the company's pre-offer equity capital, at the same price, or the upper price band, on January 10 for a total of ₹360.93 crore.

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The amount of equity shares held by Investcorp Private Equity Fund I in Medi Assist Healthcare Services has decreased from 1,49,10,452 equity shares, or 21.65% of the company's pre-offer equity share capital, to 62,75,706, or 9.11% of the pre-offer equity share, the notice mentioned.

Six investors purchased the 86,34,746 equity shares from Investcorp. SBI Life Insurance Company, Ashoka India Equity Investment Trust PLC, Volrado Venture Partners Fund -III-Beta, SBI General Insurance Company, and 360 One Special Opportunities Fund are the investors, as per the notice.

“Please note that the Investcorp Sale Shares do not form part of the equity shares proposed to be offered for sale by Investcorp Private Equity Fund I in the offer for sale,” the notice said.

Medi Assist Healthcare Services IPO details

The Medi Assist Healthcare Services IPO price band has been fixed in the range of ₹397 to ₹418 per equity share of the face value of ₹5. The Medi Assist IPO date of subscription is scheduled for Monday, January 15, and will close on Wednesday, January 17. The allocation to anchor investors for the Medi Assist Healthcare IPO is scheduled to take place on Friday, January 12.

Medi Assist Healthcare Services Limited offers insurance companies third-party administration services through its wholly owned subsidiaries, Medvantage TPA, Raksha TPA, and Medi Assist TPA. An organisation that handles health insurance claims on behalf of insurance companies and offers services like network management, policy administration, and customer service is known as a third party administrator.

Also Read: Medi Assist Healthcare Services IPO: Price band fixed at ₹397-418 per share; check GMP, issue details, more

Medi Assist IPO, which is worth ₹1,171.58 crore, consists of offer-for-sale (OFS) by investors and promoters, among other current shareholders, who plans to sell 2.8 crore shares of the company. Therefore, the selling shareholders will receive the entire issue proceeds, less the IPO expenses.

The book running lead managers of the Medi Assist Healthcare IPO are Axis Bank Limited, IIFL Securities Limited, Nuvama Wealth Management Limited, and SBI Capital Markets Limited. The registrar of the offering is Link Intime India Private Ltd.

Medi Assist Healthcare Services IPO GMP today

Medi Assist IPO GMP today or grey market premium is +64, has fallen sharply from January 9, where it was trading at +80. This indicates Medi Assist Healthcare Services share price were trading at a premium of ₹64 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Medi Assist Healthcare Services share price was indicated at ₹482 apiece, which is 15.31% higher than the IPO price of ₹418.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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