Medi Assist Healthcare IPO: Medi Assist Healthcare Services Limited IPO Details

Medi Assist Healthcare Services Limited, a prominent health-tech and insurance-tech company, is set to launch its Initial Public Offering (IPO) to the public. The IPO, a book-built issue, aims to raise Rs 1,171.58 crores through the offer for sale of 2.8 crore shares. This detailed blog provides insights into the key details, financial performance, and future objectives of Medi Assist Healthcare Services Limited.

IPO Details

  • IPO Dates: January 15, 2024, to January 17, 2024
  • Basis of Allotment: January 18, 2024
  • Listing Date: January 22, 2024
  • Face Value: ₹5 per share
  • Price Band: ₹397 to ₹418 per share
  • Lot Size: 35 Shares
  • Total Issue Size: 28,028,168 shares (aggregating up to ₹1,171.58 Cr)
  • Offer for Sale: 28,028,168 shares of ₹5 (aggregating up to ₹1,171.58 Cr)
  • Issue Type: Book Built Issue IPO
  • Listing At: BSE, NSE
  • Shareholding Pre-Issue: 68,859,212
  • Shareholding Post-Issue: 68,859,212

Also See: Upcoming IPO in India

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IPO Reservation

  • QIB Shares Offered: Not more than 50% of the Net Issue
  • Retail Shares Offered: Not less than 35% of the Net Issue
  • NII (HNI) Shares Offered: Not less than 15% of the Net Issue

IPO Lot Size

Investors can bid for a minimum of 35 shares and in multiples thereof. The table below illustrates the minimum and maximum investment by retail investors and HNI in terms of shares and amount.

ApplicationLotsSharesAmount
Retail (Min)135₹14,630
Retail (Max)13455₹190,190
S-HNI (Min)14490₹204,820
S-HNI (Max)682,380₹994,840
B-HNI (Min)692,415₹1,009,470

Also Read: Announced IPOs: Upcoming Big IPOs in India 2024

Promoter Holding

The promoters of the company include Dr. Vikram Jit Singh Chhatwal, Medimatter Health Management Private Limited, and Bessemer India Capital Holding II Ltd. The pre-issue shareholding stands at 67.55%, while post-issue, it is expected to be 45.75%.

IPO Objectives

The primary objective of the IPO is to achieve the benefits of listing the Equity Shares on the Stock Exchanges. This listing is anticipated to enhance visibility and brand recognition, providing liquidity to existing shareholders. Notably, the company will not receive any proceeds from the Offer, as all funds raised will go to the Selling Shareholders.

Also See: Upcoming IPOs in 2024: 11 expected issues in the new year; check out the full list

Financial Performance

Medi Assist Healthcare Services Limited has exhibited robust financial growth. Between March 31, 2022, and March 31, 2023, the company experienced a 25.95% increase in revenue and an 18.66% rise in profit after tax (PAT).

Period Ended30 Sep 202331 Mar 202331 Mar 202231 Mar 2021
Assets802.62705.72602.23545.30
Revenue312.03518.96412.02345.57
Profit After Tax45.2675.3163.4738.01
Net Worth416.64383.67339.29292.55
Reserves and Surplus102.03353.86308.63295.81
Total Borrowing
Amount in ₹ Crore

About Medi Assist Healthcare Services Limited

Founded in June 2002, Medi Assist is a key player in health and insurance technology. It manages health benefits for employers, retail members, and public health schemes, primarily serving insurance companies. The company facilitates medical insurance and cashless hospitalization through a network of over 14,000 hospitals across India.

In the financial year 2023, Medi Assist settled 5.27 million claims, comprising both in-patient and out-patient claims, showcasing its substantial presence in the healthcare sector.

IPO Registrar

The registrar for the IPO is Link Intime India Private Ltd. For queries and information, they can be contacted at:

  • Phone: +91-22-4918 6270
  • Email: [email protected]
  • Website: https://linkintime.co.in/mipo/ipoallotment.html

Lead Managers

The lead managers for the IPO are Axis Bank Limited, Iifl Securities Ltd, Nuvama Wealth Management Limited, and SBI Capital Markets Limited.

Also Read: When Can a Company Go for IPO in India

IPO Timeline

Tentative Schedule:

  • IPO Opens: January 15, 2024
  • IPO Closes: January 17, 2024
  • Basis of Allotment: January 18, 2024
  • Refund Initiation: January 19, 2024
  • Shares Credited to Demat: January 19, 2024
  • Listing Date: January 22, 2024
  • Cut-off time for UPI mandate confirmation: 5 PM on January 17, 2024
Medi Assist Healthcare Services Limited IPO

Investors and stakeholders eagerly anticipate the Medi Assist Healthcare IPO as it enters the market, offering a unique opportunity to partake in the growth of this health-tech and insurance-tech innovator.

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