Medi Assist IPO opens today; Check live subscription details here

15 Jan 2024 , 12:07 PM

On the opening day of subscription, Medi Assist Healthcare’s initial public offering (IPO) has garnered a 10% subscription within the first two hours. The retail portion experienced a 17% subscription against the reserved portion, while the Non-Institutional Investor (NII) segment received a 7% subscription. Click here to subscribe the IPO.

Anchor investors, including major names like Nomura, Goldman Sachs, Pinebridge Global, Troo Capital, and HSBC, have already invested Rs 351 crore in the IPO. 

The price band for the IPO is set at Rs 397 to Rs 418 per share, and investors can bid for shares in lots of 35. The allocation is reserved with 50% for qualified institutional buyers (QIBs), 35% for retail investors, and 15% for non-institutional investors.

It is crucial to note that the Rs 1,171 crore IPO consists entirely of an offer-for-sale (OFS), implying that the funds raised will go to the selling shareholders, with no proceeds directed to the company itself. Specializing in third-party administration services to insurance companies, Medi Assist Healthcare manages tasks such as processing health insurance claims, policy administration, customer service, and network management.