Medi Assist Healthcare IPO has been subscribed 13.04 occasions to date on January 17, the ultimate day of bidding, receiving bids for 25.58 crore shares towards the problem measurement of 1.96 crore shares.

The retail portion has been booked 2.9 occasions, certified institutional consumers (QIB) picked 31.17 occasions and excessive web value people (HNI) purchased 12.53 occasions of the allotted quota.

The value band for the problem, which opened on January 15 has been fastened at Rs 397-418 per share. The Rs 1,171.58 crore problem is completely an offer-for-sale of two.8 crore shares.

The Bengaluru-based medical insurance third-party administrator (TPA), forward of the IPO, raised Rs 351.5 crore by means of its anchor guide problem. Marquee names within the listing of anchor traders included Nomura Trust, Goldman Sachs, Ashoka Whiteoak, Pinebridge Global Funds, Troo Capital, and HSBC.

The foremost goal of Medi Assist IPO is to finish the OFS and to realize the advantages of itemizing the fairness shares on the bourses. Meanwhile, all proceeds from the provide will go to the promoting shareholders and the corporate gained’t obtain any cash.

Medi Assist has registered an 18.7 p.c on-year progress in consolidated web revenue at Rs 75.31 crore on robust topline and working margin efficiency for the 12 months ended March 2023. Subsidiaries Medi Assist TPA, Medvantage TPA and Raksha TPA contributed 92.98 p.c to the corporate’s income from contracts with prospects within the first half of FY24.

The foundation of allotment of IPO shares shall be finalised by January 18 and the profitable traders will get shares of their demat accounts by January 19. The inventory is predicted to be listed on bourses on January 22.

Medi Assist Healthcare Services supplies TPA companies to insurance coverage corporations by means of its three wholly owned subsidiaries, Medi Assist TPA, Medvantage TPA and Raksha TPA.

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