- The company allotted 84.08 lakh equity shares to 36 funds at the upper end of the price band
Price Band fixed at ₹397 to ₹418 per equity share of face value of ₹5 each - Bid/ Offer will open on Monday, January 15, 2024 and close on Wednesday, January 17 2024.
- Bids can be made for a minimum of 35 Equity Shares and in multiples of 35 Equity Shares thereafter
NE BUSINESS BUREAU
AHMEDABAD, JAN 13
Medi Assist Healthcare Services, a third-party insurance administrator backed by Bessemer Ventures and Investcorp, on Saturday announced it has successfully raised ₹351.5 crore from anchor investors in preparation for its upcoming initial public offering (IPO). The company allotted 84.08 lakh equity shares to 36 funds at a price of ₹ 418 per share, which represents the upper end of the price band.
The ₹1,172-crore IPO subscription will commence on Monday, January 15 and conclude on Wednesday, January 17. The price band for the IPO has been fixed at ₹397-418 per share.
Bids can be made for a minimum of 35 Equity Shares and in multiples of 35 Equity Shares thereafter.
Medi Assist Healthcare has reserved 50 per cent shares for the qualified institutional buyers, while retail investors will get 15 per cent of allocation for the issue. Non-institutional investors will get the remaining 15 per cent of the allocated in the issue.
The offering will be entirely an Offer For Sale (OFS), with promoters and existing investors selling a total of 2.8 crore equity shares.
The selling promoters include company chairman Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer Health Capital, and Investcorp Private Equity Fund and nine others. The company will not receive any proceeds from the IPO.
Medi Assist Healthcare Services has a strong presence in the healthcare industry, covering over 18,000 hospitals across 1,069 cities and 32 states. Medi Assist Healthcare acts as a mediator between general and health insurance companies and their insured members, insurance companies and healthcare providers, and the Government and beneficiaries of public health schemes. The company collaborated with 36 insurance companies in India and worldwide, as of March 31, 2023.
During FY2023, the company settled 5.27 million claims, comprising 2.44 million in-patient claims and 2.83 million out-patient claims.
Medi Assist Healthcare reported a net profit at Rs 22.49 crore with a revenue of Rs 312.03 crore for the period ended on September 30, 2023. The company clocked a net profit at Rs 74.04 crore with a revenue of Rs 518.96 crore for the financial year ended on March 31, 2023.
Goldman Sachs, Nomura, Jupiter India Fund, Pinebridge Global Funds, SBI Life Insurance Company, Bajaj Allianz Life Insurance Company, and Aditya Birla Sun Life Insurance Company. Additionally, HDFC Mutual Fund, Kotak Mahindra MF, Aditya Birla Sun Life MF, Edelweiss MF, Tata MF, Sundaram MF, and Bandhan MF were among the fund houses that received allocations in the anchor round.
The shares of the company shall be listed on both BSE and NSE with January 22 as the listing date
Axis Capital Limited, IIFL Securities Limited, Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited), SBI Capital Markets Limited are the book running lead managers to the Offer.
