Medi Assist IPO Sets Price Band at ₹397-₹418, Subscription Opens Jan 15; GMP Indicates +80 Premium

Medi Assist IPO Sets Price Band at ₹397-₹418, Subscription Opens Jan 15; GMP Indicates +80 Premium

Asif Iqbal | January 10, 2024 | 11:07 AM IST | Breaking News | Follow on Google News

Medi Assist IPO Sets Price Band at ₹397-₹418, Subscription Opens Jan 15; GMP Indicates +80 Premium

Medi Assist IPO Sets Price Band at ₹397-₹418, Subscription Opens Jan 15; GMP Indicates +80 Premium

The price band for the upcoming Medi Assist Healthcare Services IPO has been set between ₹397 and ₹418 per equity share with a face value of ₹5. Subscription for the IPO is set to begin on Monday, January 15, and conclude on Wednesday, January 17. Anchor investor allocation is slated for Friday, January 12. The floor price is set at 79.40 times the face value, while the cap price is 83.60 times the face value. The price-to-earning ratio at the floor price is 36.66 times, and at the cap price, it is 38.60 times. The lot size for the IPO is 35 equity shares, with multiples of 35 thereafter.

The IPO has allocated not more than 50% of shares for qualified institutional buyers (QIB), at least 15% for non-institutional investors (NII), and a minimum of 35% for retail investors. The basis of allotment is expected to be finalized on Thursday, January 18, with refunds initiated on Friday, January 19. Shares will be credited to allottees’ demat accounts on the same day, and the listing on BSE and NSE is anticipated on Monday, January 22.

Medi Assist Healthcare Services Limited, promoted by Dr. Vikram Jit Singh Chhatwal, Bessemer India Capital Holding II Ltd., and Medimatter Health Management Private Limited, provides third-party administration services to insurance companies through its subsidiaries. These services include network management, policy administration, and customer service.

The company also offers additional healthcare and ancillary services, such as hospitalization, call center, customer relations, contract management, billing, and claims processing services through its subsidiaries IHMS, Mayfair India, Mayfair UK, Mayfair Group Holding, Mayfair Philippines, and Mayfair Singapore.

As of September 30, 2023, the company has built a comprehensive pan-India healthcare provider network comprising 18,754 hospitals across 1,069 cities and towns, spanning 31 states (including union territories), and reaching 141 countries worldwide.

The IPO, valued at ₹1,171.58 crore, includes an offer-for-sale (OFS) by investors and promoters, among other current shareholders. Dr. Vikram Jit Singh Chhatwal, Medimatter Health Management Private Limited, Bessemer Health Capital LLC, and Investcorp Private Equity Fund I are the major selling shareholders in the OFS. The book running lead managers for the IPO are Axis Bank Limited, IIFL Securities Limited, Nuvama Wealth Management Limited, and SBI Capital Markets Limited. The registrar of the offering is Link Intime India Private Ltd.

The Grey Market Premium (GMP) for Medi Assist IPO today is +80, indicating a premium of ₹80 in the grey market. At the upper end of the price band, the estimated listing price is ₹498 per share, reflecting a 19.14% premium over the IPO price of ₹418. It’s important to note that the grey market premium signifies investors’ willingness to pay more than the issue price. As always, investors are advised to consult certified experts before making investment decisions.

Medi Assist IPO Sets Price Band at ₹397-₹418, Subscription Opens Jan 15; GMP Indicates +80 Premium:In case of rectification of any error in article , Visit on Correction Policy & Register your Query:

Asif Iqbal

Asif Iqbal is a seasoned news writer with a passion for delivering the latest updates to the public. Currently serving as the senior writer at VoM News, a prominent news outlet known for its comprehensive coverage of diverse topics, Asif has established himself as a reliable source of information. With a keen eye for detail and a knack for storytelling, he consistently provides readers with well-crafted articles that cover a wide range of news categories. His dedication to journalistic integrity and his commitment to staying ahead of the news curve make him an invaluable asset to Vom News, ensuring that readers are always well-informed on the issues that matter most. You can find his work and stay updated on current events by visiting vomnews.in.