Medi Assist Healthcare Services’ IPO has successfully reached the last day of its subscription period. While the Medi Assist IPO didn’t achieve the extraordinary levels of interest that some companies have seen, it still appears set to conclude with respectable subscription figures. As of the third day, the subscription status stands at 16.25. Notably, the IPO has attracted considerable attention from both retail and non-institutional investors.
The retail portion of the Medi Assist IPO was fully subscribed shortly after the opening on the second day, reaching a subscription status of 1.20 times. On the same day, the IPO saw the retail investors segment subscribed 1.70 times, the non-institutional investors segment subscribed 1.61 times, and the Qualified Institutional Buyers (QIB) segment booked at 1%.
The IPO had a modest beginning on its first day, with 54% of the issue being booked. The breakdown for the first day showed the retail investors segment at 89% subscription, the non-institutional investors segment at 45%, and the QIB segment not booked.
Medi Assist Healthcare Services raised ₹351.47 crore on January 12, allocating 84,08,449 equity shares to 35 anchor investors. The price range for the IPO has been set between ₹397 to ₹418 per equity share, with a face value of ₹5. The subscription period was scheduled from Monday, January 15, to Wednesday, January 17.
On the third day, the retail investors segment of Medi Assist Healthcare Services IPO subscribed 3.19 times, the non-institutional investors segment 14.85 times, and the QIB segment 40.14 times.
As per the BSE data, the IPO has seen a total of 31,87,74,330 shares bid against the 1,96,19,719 shares offered. This includes 3,13,37,775 shares bid by retail investors against 98,09,859 shares offered in this segment, 6,24,42,800 shares by non-institutional investors against 42,04,226 offered, and 22,49,93,755 shares by QIBs against 56,05,634 shares offered.
The Medi Assist IPO, valued at ₹1,171.58 crore, is primarily an offer-for-sale (OFS) by its promoters and other existing shareholders, who plan to offload 2.8 crore shares. Consequently, the selling shareholders will receive the net proceeds from the issue minus the IPO expenses.
The company’s promoters include Dr. Vikram Jit Singh Chhatwal, Bessemer India Capital Holding II Ltd., and Medimatter Health Management Private Limited. Before the anchor book and IPO opening, shares worth ₹536 crore were sold by Investor Investcorp Private Equity Fund I and promoter Bessemer India Capital Holdings II, as reported in a notice to investors by Financial Express on January 12.
The Medi Assist Healthcare IPO is managed by Axis Bank Limited, IIFL Securities Limited, Nuvama Wealth Management Limited, and SBI Capital Markets Limited, with Link Intime India Private Ltd. as the registrar.
Today’s grey market premium (GMP) for Medi Assist IPO is +14, as reported by investorgain.com, indicating a premium of ₹14 over the issue price in the grey market. This marks a significant drop from the previous day’s +44 premium. Based on the upper end of the IPO price band and the current grey market premium, the anticipated listing price for Medi Assist Healthcare Services shares is around ₹432 each, which is 3.35% above the IPO price of ₹418.
