Medi Assist Healthcare Services, a company involved in health insurance services, recently launched its Initial Public Offering (IPO), which saw a decent response on its first day. The IPO aims to raise Rs 1,171.57 crore, and on the first day, they achieved 54% of this target. This means investors showed interest in buying more than half of the shares available for sale. In terms of different investor types, regular individual investors (like you and me) were quite interested in buying 89% of the shares set aside for them, while bigger, non-institutional investors were a bit more cautious, purchasing only 45% of their share quota.
This IPO is unique because it’s an “Offer for Sale” (OFS). This means existing shareholders are selling up to 2,80,28,168 shares rather than the company issuing new shares. The price for each share is set between Rs 397 and Rs 418.
Medi Assist, backed by Bessemer Ventures and Investcorp, specializes in managing health insurance claims and policies. Just before this IPO, they successfully raised Rs 351.5 crore from some key investors, known as anchor investors. The leading sellers in this IPO are some of the top people in the company, including the chairman Vikram Jit Singh Chhatwal and investment firms like Bessemer Health Capital and Investcorp Private Equity Fund.
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The company has a vast network, covering over 18,000 hospitals across India, and works with 35 insurance partners. The IPO is managed by four financial firms: Nuvama Wealth Management, Axis Capital, IIFL Securities, and SBI Capital Markets.
