Medi Assist Healthcare Services IPO: Price band fixed at ₹397-418 per share; check GMP, issue details, more
- Medi Assist Healthcare Services IPO price band has been set at ₹397 to ₹418 per equity share, with the subscription period opening from January 15 to January 17.
Medi Assist IPO price band: 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.
The floor price is 79.40 times the face value and the cap price is 83.60 times the face value. The price to earning ratio at the floor price is 36.66 times at the cap price is 38.60 times. The Medi Assist IPO lot size is 35 equity shares and in multiples of 35 equity shares thereafter.
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Medi Assist IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.
Tentatively, Medi Assist Healthcare Services IPO basis of allotment of shares will be finalised on Thursday, January 18, and the company will initiate refunds on Friday, January 19, while the shares will be credited to the demat account of allottees on the same day following refund. Medi Assist Healthcare Services share price is likely to be listed on BSE and NSE on Monday, January 22.
Dr. Vikram Jit Singh Chhatwal, Bessemer India Capital Holding II Ltd., and Medimatter Health Management Private Limited are the company's promoters.
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.
With the help of its subsidiaries, IHMS, Mayfair India, Mayfair UK, Mayfair Group Holding, Mayfair Philippines, and Mayfair Singapore, the company also provides additional healthcare and ancillary services, such as hospitalisation, call centre, customer relations, contract management, billing, and claims processing services.
As of September 30, 2023, the company has established a pan-India healthcare provider network that includes 18,754 hospitals spread across 1,069 cities and towns, 31 states (including union territories), and 141 countries worldwide.
The company, in its red herring prospectus (RHP), stated that there are no listed companies in India that engage in a business similar to that of them and their subsidiaries.
Medi Assist Healthcare Services IPO details
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.
Major selling shareholders in the OFS are Dr. Vikram Jit Singh Chhatwal (up to 2,539,092 equity shares), Medimatter Health Management Private Limited (up to 12,468,592 equity shares), Bessemer Health Capital LLC (up to 6,606,084), and Investcorp Private Equity Fund I (up to 6,275,706).
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 or grey market premium is +80. This indicates Medi Assist Healthcare Services share price were trading at a premium of ₹80 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 ₹498 apiece, which is 19.14% higher than the IPO price of ₹418.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
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