Medi Assist Healthcare Stocks Debut on Bourses with an 11% Premium

23 Jan 2024 , 09:54 AM

Medi Assist Healthcare Services made a strong entry into the stock market, listing at a premium of 10.05% on NSE and 11.24% on BSE. The shares were listed at Rs 460 on NSE, reflecting a premium over the issue price of Rs 418, and at Rs 465 on BSE.

The subscription for Medi Assist Healthcare Services was modest, with an overall subscription rate of 16.25 times. The retail portion was oversubscribed 3.19 times, while qualified institutional buyers (QIB) and high net worth individuals (HNI) subscribed at 14.85 times and 40.14 times, respectively, of the allotted quota.

Medi Assist Healthcare Services functions as an intermediary between general and health insurance companies, insured members, healthcare providers, and the Government. The company has collaborated with 36 insurance companies in India and worldwide as of March 31, 2023.

The Bengaluru-based company successfully raised Rs 1,171.58 crore through an offer-for-sale of 2.8 crore shares. The issue’s price band was set at Rs 397-418 per share, and the offer closed on January 17.