The IPO of health tech company Medi Assist Healthcare Services has opened from today. Before deciding whether you should invest money in this issue, it is important to have complete information about the company and this issue.
Anchor investors raised Rs 351.5 crore
Medi Assist has raised Rs 351.5 crore from anchor investors before the IPO. According to the information given to BSE, the company has allotted 84.08 lakh equity shares to 36 funds at Rs 418 per share, which is also the upper level of the price band.
The companies that participated in Anchor’s bidding include 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 (MF), Kotak Mahindra MF, Aditya Birla Sun Life MF, Edelweiss AMF, Tata MF, Sundaram MF and Bandhan MF were among the fund houses that have been allotted shares in the anchor round.
IPO price band Rs 397-418
The company has fixed the price band of IPO at Rs 397-418 per share. Through the issue, which is a pure offer for sale (OFS), the promoter and existing investors will sell 2.8 crore equity shares. This IPO of Rs 1,172 crore will remain open till Wednesday 17 January. The promoters who will sell shares include company chairman Vikram Jeet Singh Chhatwal, Medimatter Health Management, Bessemer Health Capital and Investcorp PE.
What does the company do?
Medi Assist provides third party administration (TPA) services to insurance companies. It provides medical insurance and cashless hospitalization services through a network of healthcare service providers. Medi Assist covers more than 18,000 hospitals in 1,069 cities and 31 states and has 35 insurance partners. Chairman Chhatwal said its primary clients are insurers, and most of its business comes from group cover/corporate and it has 30% market share. Overall, including retail, its market share is about 7%.
