The Initial Public Offering (IPO) of the Bengaluru-based HealthTech and Insurtech company Medi Assist Healthcare Services Limited closed for subscription yesterday on January 17, 2024 with oversubscription and the allotment of shares will be announced today. The shares of this second mainboard offering in 2024 were subscribed 16.25 times overall as QIBs and NIIs seemed keener as compared to the RIIs. The retail portion was subscribed only 3.19 times whereas the Non-institutional investors booked the issue 14.85 times. Of the total NII portion booked, small net worth individuals subscribed 10.12 times and the big HNIs booked 17.22 times. The Qualified Institutional Buyers portion was subscribed 40.14 times, putting in the most money in the issue.
Subscription numbers
The company had reserved 35% of the net issue for the retail investors, 20% for the qualified institutional buyers and 15% portion for the non-institutional investors that included 10% for the big NIIs and 5% for the small NIIs. One lot size consisted of 35 shares and investors could bid in multiples of the same. Retail investors were allowed to bid for a maximum of 13 lots while the small HNIs had to bid for 14-68 lots. Big HNIs could bid for minimum 69 lots. Based on the upper IPO price of Rs 418, the investment per lot amounted to Rs 14,630.
According to the data available on the website of the National Stock Exchange (NSE), the IPO received bids for 31.87 crore shares against 1.96 crore shares on offer.
The Medi Assist Healthcare Services IPO was open for subscription between January 15 to January 17, 2024. The company’s IPO will raise about Rs 1,171.58 crore through a offer for sale of 2.8 crore shares. Entirety of the proceeds from the issue will go to the selling shareholders and the company will not receive any of the proceeds. The promoters’ share holding will come down to 45.75% post-issue from the 67.55% pre-issue.
Allotment of Shares
According to the indicative timeline mentioned in the RHP document, the basis of allotment for the Medi Assist Healthcare Services Limited IPO will be finalised by January 18, 2024. Link Intime India Pvt Ltd is the registrar for the Medi Assist Healthcare IPO and will oversee the allocation of shares.
The investors who bid for the initial public offering, may check the allotment status of their applications by visiting the official website of registrar Link Intime India Pvt Ltd by entering the required details such as PAN, Demat account or application number.
Following the allotment today, the refunds to unsuccessful bidders as well as credit of shares to the Demat accounts of the investors will take place tomorrow on January 19, 2024.
Listing on Monday
The company- Medi Assist Healthcare Services Limited (NSE Symbol- MEDIASSIST), will make its debut on the primary stock exchanges NSE and BSE on Monday, January 22, 2024. The IPO price band is Rs 397 to Rs 418. The opening share price can be viewed on the listing date on the NSE and BSE websites.
Medi Assist Healthcare Services Limited is currently among the leading companies that provide third-party administration services and has a market share of about 26.4 percent, catering to more than 18 thousand hospitals in 1069 cities. The company had posted a revenue of Rs 505 crore in FY23 as compared to Rs 394 crore in FY22. The consolidated net profit rose to Rs 74 crore in FY23 against Rs 64 crore in FY22.
