On January 16, during the second day of bidding, the public offering of Medi Assist Healthcare was fully subscribed, with bids for 2.34 crore shares exceeding the issue size of 1.96 crore shares. The retail portion was fully subscribed, as investors purchased 1.7 times their allocated portion. High-worth individuals (HNIs) purchased 1.61 times their quota, while Qualified Institutional Buyers (QIBs) bid for only 68,000 shares against their issued 56.05 lakh shares.
The price range for the offering, which is scheduled to close on January 17, was set at Rs 397-418 per share. This Rs 1,171.58-crore issue consists entirely of an offer-for-sale of 2.8 crore shares.
Before the initial public offering (IPO), Medi Assist, a health insurance third-party administrator based in Bengaluru, successfully raised Rs 351.5 crore through its anchor book issue. Notable investors in the anchor book included Nomura Trust, Goldman Sachs, Ashoka Whiteoak, Pinebridge Global Funds, Troo Capital, and HSBC.
The primary objective of the Medi Assist IPO is to complete the offer-for-sale (OFS) and realize the benefits of having its equity shares listed on stock exchanges. It is important to note that all proceeds from the offering will go to the selling shareholders, and the company will not receive any funds.
The allocation of IPO shares will be finalized by January 18, and successful investors can expect to receive their shares in their demat accounts by January 19. It is anticipated that the stock will be listed on the stock exchanges on January 22.
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Medi Assist achieved a substantial year-on-year growth of 18.7 percent in its consolidated net profit, reaching Rs 75.31 crore, driven by strong performance in both topline revenue and operating margins for the fiscal year ending March 2023.