 "Medi Assist's Rs 1,171 cr IPO subscribed 16.25 times on last day of bidding")
The Initial Public Offering (IPO) of Medi Assist Healthcare Services received 16.25 times subscription on the last day of bidding on Wednesday.
The Rs 1,171.57 crore-IPO received bids for 31,87,78,530 shares, against 1,96,19,719 shares on offer, as per NSE data.
The category for Qualified Institutional Buyers (QIBs) got subscribed 40.14 times, while the portion for non-institutional investors fetched 14.85-times subscription. The quota for Retail Individual Investors (RIIs) got subscribed 3.19 times.
The initial public offer was entirely an Offer-for-Sale (OFS) of up to 2,80,28,168 equity shares. It had 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.
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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 Limited, IIFL Securities Limited, and SBI Capital Markets were the managers to the offer.