Medi Assist Healthcare Shares Surge 11% on Debut

New Delhi, Jan 23 (PTI) Shares of Medi Assist Healthcare Services ended with a premium of 11 per cent on Tuesday against the issue price of Rs 418 per share.

In the early trade, the stock was listed at Rs 465 on the BSE.

The scrip hit an intra-day high of Rs 509.60 before settling 11.06 per cent higher at Rs 464.25 per share.

On the NSE, it started the trade at Rs 460, up 10.05 per cent. The stock ended at Rs 461.95 apiece, reflecting a jump of 10.47 per cent.

The company's market valuation stood at Rs 3,196.79 crore on the BSE.

In volume terms, 8.52 lakh equity shares of the company were traded on the BSE, while 1.61 crore shares were traded on the NSE, during the day.

At the end of the trading session, the 30-share BSE Sensex plunged 1,053.10 points, or 1.47 per cent, to settle at 70,370.55, while the NSE fell 1.54 per cent to 21,238.80 points.

The Initial Public Offering (IPO) of Medi Assist Healthcare Services got subscribed 16.25 times on the last day of subscription on January 17.

The Rs 1,171.57-crore IPO was entirely an Offer for Sale (OFS) of up to 2,80,28,168 equity shares. It had a price range of Rs 397-418 per share.

Medi Assist Healthcare Services -- the Bessemer Ventures and Investcorp-backed third-party insurance administrator -- on Friday raised Rs 351.5 crore from anchor investors.

The selling promoters include Chairman Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer Health Capital, and Investcorp Private Equity Fund.

Medi Assist covers over 18,000 hospitals across 1,069 cities and 31 states, and has 35 insurers as partners.