 "Investors subscribe 54% of Medi Assist IPO on 1st day of offering")
The Initial Public Offer (IPO) of Medi Assist Healthcare Services received 54 per cent subscription on the first day of bidding on Monday.
The Rs 1,171.57 crore IPO received bids for 1,05,68,425 shares against 1,96,19,719 shares on offer, as per NSE data.
The category for Retail Individual Investors (RIIs) got subscribed 89 per cent and the quota for non-institutional investors received 45 per cent subscription.
The IPO is entirely an Offer for Sale (OFS) of up to 2,80,28,168 equity shares. It has a price range of Rs 397-418 a 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 company 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.
Nuvama Wealth Management, Axis Capital, IIFL Securities and SBI Capital Markets are the managers to the offer.
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