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The shares of Medi Assist Healthcare will be listed today. The company has fixed the IPO price at ₹418, the upper end of ₹397-418 price band.
The ₹1,171-crore IPO was subscribed 16.25 times. The Medi Assist IPO saw a strong response from both institutions and non-institutional investors. Against the 1.96 crore shares which were on offer, the IPO received bids for 31.87 crore shares. While the retail portion was subscribed 3.19 times, qualified institutional buyers portion received bids for 14.85 times and NIIs 40.14 times.
The issue was entirely an offer for sale (OFS) of 2.8 crore shares by the existing shareholders.
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Promoters Vikram Jit Singh Chhatwal and Bessemer Health Capital LLC planned to exit the company by selling their entire personal shareholding through IPO. Medimatter Health Management, owned by Vikram Jit Singh Chhatwal and his wife Savitri Choudhury, will offload 1,24,68,592 equity shares. The remaining 62,75,706 shares of investor Investcorp Private Equity Fund I, part of Bahrain-based Investcorp Group, will also be sold in the OFS. Nine other shareholders will collectively sell 1,38,694 equity shares via OFS.
As part of IPO, the Bengaluru-based company secured ₹351.5 crore from anchor investors.
Among the marquee anchor investors include Nomura Trust, Goldman Sachs, Ashoka Whiteoak, Pinebridge Global Funds, Troo Capital, and HSBC. Domestic investors such as HDFC Mutual Fund, Kotak Mahindra Trustee, Aditya Birla Sun Life Trustee, SBI Life Insurance Company, Mirae Asset, Canara Robeco Mutual Fund, Tata Mutual Fund, Sundaram Mutual Fund, Bandhan Mutual Fund, Edelweiss Trusteeship, Bajaj Allianz Life Insurance Company, Max Life Insurance Company, and SBI General Insurance Company also participated in the anchor book.
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The company is a third-party administration services provider to insurance companies and offers medical insurance and cashless hospitalisation through a network of healthcare service providers.
Axis Bank Limited, IIFL Securities Ltd, Nuvama Wealth Management Limited and SBI Capital Markets Limited were the book running lead managers of the Medi Assist Healthcare IPO, while Link Intime India Private Ltd was the registrar for the issue.
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