Medi Assist Healthcare Service will open its initial public offering (IPO) for subscriptions from Monday, January 15. The ₹1,172 crore IPO will be open for subscriptions till January 17.
The third-party insurance administrator’s IPO is fully an offer for sale, which means that the promoters and investors will sell 2.8 crore equity shares. Medi Assist Healthcare Services is backed by Bessemer Ventures and Investcorp.
The selling promoters include company chairman Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer Health Capital, and Investcorp Private Equity Fund.
Medi Assist Healthcare Services IPO price band
The company has fixed the price band at ₹397-418 for the share sale. Under the offer, up to 25,39,092 shares will be offloaded by Chhatwal, 12,468,592 by Medimatter Health Management, 6,606,084 shares by Bessemer, 6,275,706 shares by Investcorp, 26,382 shares by Vivek Pandit, 22,613 shares by Rahul M Khanna, and 17,337 shares by Shankar Rao Palepu along with Palepu Neena Rao among others.
Medi Assist Healthcare Services IPO GMP
The shares of Medi Asist Healthcare Services are trading at a premium of ₹50 in the grey market. It is expected to be listed on the stock market at ₹468. The expected listing date is January 22.
What is Medi Assist Healthcare Services?
The company was founded by Sakshi Kabra in Bengaluru in 2002. It took on board Bessemer Ventures in early 2011. Later that year, the Anil Dhirubhai Amani Group picked up around 80 per cent stake in Medi Assist and sold the majority stake to Investorcorp.
Investcorp is the single largest non-promoter shareholder with a 21.65 per cent stake. The company covers over 18,000 hospitals across 1,069 cities and 31 states and has 35 insurers as partners.
Its primary clients are insurers and most of its business comes from group covers/corporate and enjoys 30 per cent market share in this. The overall including retail, its market share is around 7 per cent.
(With PTI inputs)