Bengaluru-based Medi Assist Healthcare Services is set to launch its initial public offering (IPO) in the mainboard segment, becoming the first entity in the third-party administration (TPA) services sector to go public. Here are 10 key things investors should know before considering participation in the Rs 1,172-crore public issue.
IPO Dates: The subscription for the IPO will be open from January 15 to 17. The anchor book portion is scheduled to launch on January 12, while the IPO shares will debut on the bourses on January 22.
Price Band: The IPO shares are priced in the range of Rs 397 to Rs 418 per equity share.
Offer Size: The company plans to raise between Rs 1,112.7 crore and Rs 1,171.6 crore through an offer-for-sale (OFS) of 2,80,28,168 equity shares. No fresh issue component is involved.
Objectives of the Issue: The primary objectives of the IPO are to complete the OFS and to gain the benefits of listing on the stock exchanges, enhancing visibility and brand for Medi Assist. All proceeds from the offer will go to selling shareholders.
Lot Size: Investors can bid for a minimum of 35 equity shares and in multiples of 35 shares thereafter. The minimum application size for retail investors is Rs 14,630, and the maximum investment is capped at Rs 1,90,190.
Company Profile: Medi Assist provides TPA services to insurance companies through its subsidiaries, managing a substantial market share in both retail and group health insurance markets. It operates a vast healthcare provider network across India and globally.
Financials: The company reported an 18.7 percent YoY growth in consolidated net profit at Rs 75.31 crore for FY23. However, the net profit for H1 FY24 dropped 34 percent YoY to Rs 24.3 crore. Subsidiaries contributed significantly to the company’s revenue.
Promoters: Promoters Vikram Jit Singh Chhatwal, Medimatter Health, and Bessemer India Capital Holdings II hold a 67.55 percent shareholding. The total promoter shareholding is 77.14 percent.
Risk Factors: Potential risks include dependence on top clients, revenue tied to premium under management, competition in the TPA industry, financial performance reliant on receivables, and regulatory uncertainties.
Allotment & Listing Dates, Grey Market Premium: The basis of allotment is set to be finalized by January 18, with shares credited to successful investors’ demat accounts by January 19. IPO shares will debut on January 22, with a 19 percent premium observed in the grey market.
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