Medi Assist Healthcare IPO opens on Monday: Check dates, price, GMP and more

Medi Assist Healthcare IPO: Medi Assist Healthcare is set to launch its Initial Public Offering (IPO) as a book-built issue, aiming to raise Rs 1,171.58 crore. The entire offering consists of 2.8 crore shares through an offer for sale.

Subscription period 

The subscription for the IPO opens on January 15, 2024, and closes on January 17, 2024. The allotment results are expected to be finalised by January 18, 2024.

Listing date 

The tentative listing date for Medi Assist Healthcare IPO is set for Monday, January 22, 2024, on both BSE and NSE.

Price band 

The IPO price band is fixed at Rs 397 to Rs 418 per share. The minimum lot size for an application is 35 shares. Retail investors need a minimum investment of Rs 14,630, with minimum lot sizes of 14 lots (490 shares) for sNII and 69 lots (2,415 shares) for bNII.

Lead managers

Axis Bank Limited, Iifl Securities Ltd, Nuvama Wealth Management Limited, and SBI Capital Markets Limited are the book running lead managers, and Link Intime India Private Ltd is the registrar for the issue.

The promoters of Medi Assist Healthcare include Dr. Vikram Jit Singh Chhatwal, Medimatter Health Management Private Limited, and Bessemer India Capital Holding II Ltd. The IPO raised Rs 351.47 crore from anchor investors on January 12, 2024.

Incorporated in June 2002, Medi Assist Healthcare Services Limited is a prominent health-tech and insurance-tech company. It specializes in managing health benefits for employers, retail members, and public health schemes, primarily serving insurance companies.

Medi Assist has a wide-ranging network of over 14,000 hospitals across 967 cities and towns in 32 states and union territories. The company facilitates medical insurance, cashless hospitalisation, and acts as a mediator between insurance companies, healthcare providers, and government health schemes.

In the financial year 2023, Medi Assist settled 5.27 million claims, demonstrating its robust presence and role in the healthcare sector.

GMP and estimated listing price

As of January 13, 2024, the Grey Market Premium (GMP) for Medi Assist Healthcare IPO is Rs 50. With a price band of Rs 418.00, the estimated listing price is Rs 468 (cap price + today's GMP), suggesting an 11.96 per cent premium.