Medi Assist Healthcare IPO Subscribed 16 Times So Far on Day 3

17 Jan 2024 , 03:47 PM

As of January 17, the closing day for bidding, the subscription for the Medi Assist Healthcare IPO stands at 16.11 times. The company has received bids for 31.60 crore shares, surpassing the issue size of 1.96 crore shares.

The NII portion of the IPO was oversubscribed the most at 14.62 times, followed by the QIB category at 40.14 times, and the retail investor category at 3.02 times.

The IPO is an Offer for Sale (OFS) of 2.8 crore shares, priced at Rs 397-418 per share.

Allocation is divided, with 50% of the offer reserved for qualified institutional buyers (QIBs), 35% for retail investors, and 15% for non-institutional investors.

Medi Assist Healthcare provides third-party administration services to insurance companies through its wholly-owned subsidiaries.

As a dominant player in the market, the company has established enduring relationships with insurance companies, boasting an average relationship term of 20 years with PSU insurers and nine years with non-PSU insurers.

The IPO proceeds will not go to the company, as it is entirely an OFS, with all funds directed to the selling shareholders.

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