Medi Assist IPO: Rs 1,172 Crore Issue, Price Band Rs 397-418

New Delhi, Jan 10 (PTI) Medi Assist Healthcare Services, which offers third-party administration services to insurance firms, on Wednesday fixed a price band of Rs 397 to Rs 418 per share for its Rs 1,172-crore Initial Public Offering (IPO).
The issue will be open for public subscription from January 15-17, and the bidding for anchor investors will open for a day on January 12, according to the statement.
The maiden public issue is entirely an Offer For Sale (OFS) of 2,80,28,168 (or 2.8 crore) equity shares of Medi Assist by promoters and existing shareholders.
As a part of the OFS, promoters -- Vikram Jit Singh Chhatwal, Medimatter Health Management and Bessemer Health Capital LLC -- will offload shares, besides investor Investcorp Private Equity Fund I will offer shares among others.
Since the issue is completely an OFS, the company will not receive any proceeds and all the funds will go to the selling shareholders.
At the upper end of the price band, the issue is expected to fetch Rs 1,171.58 crore.
Half of the issue has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Investors can bids for a minimum of 35 equity shares and in multiples of 35 equity shares thereafter.
Bengaluru-based Medi Assist is a health-tech and insurtech company focused on administering health benefits across employers, retail members, and public health schemes.
The company's primary clients are insurance companies. It also serves as an intermediary between general and health insurance companies, the insured member's insurance companies and healthcare providers (such as hospitals), and the government and beneficiaries of public health schemes.
Axis Capital, Nuvama Wealth Management, IIFL Securities, and SBI Capital Markets have been appointed as merchant bankers to advise the company on the IPO. The equity shares of the company will be listed on the BSE and NSE.