Medi Assist Healthcare makes a decent D-St debut; lists at 11% premium at Rs 465

Shares of Medi Assist Healthcare Services Ltd made a decent debut at Dalal Street on Tuesday as the stock was listed at Rs 465 apiece on BSE, a premium of 11.24 per cent, over its issue price of Rs 418 per share. Similarly, the stock was listed at a premium of 10.05 per cent Rs 460 on the National Stock Exchange (NSE).

The listing of Medi Assist Healthcare has been in-line to the expectations of the street as the stock was commanding a premium of Rs 35-40 apiece in the grey market, signalling a listing pop of about 10 per cent to the investors. However, the premium in the grey market improved for the company as the sentiments in the broader markets remained firm.

Medi Assist Healthcare Services sold its IPO in the price band of Rs 397-418 per share with a lot size of 35 shares, which was open for bidding between January 15 to January 17. The company aimed to raise around Rs 1,171.58 crore from its primary offering, which was entirely an offer-for-sale (OFS) of more than 2.80 crore equity shares.
 

The issue was overall subscribed 16.25 times, thanks to strong bidding from qualified institutional bidders (QIBs), who joined the bidding party on the last day. Their allocation was booked 40.14 times. The quota for non-institutional investors was subscribed 14.85 times, and the portion reserved for retail investors was subscribed 3.19 times during the bidding.

Medi Assist Healthcare Services, incorporated in June 2002, is a health-tech and insurance-tech company that manages health benefits for employers, retail members, and public health schemes, primarily serving insurance companies. Medi Assist offers medical insurance and cashless hospitalization through a network of healthcare service providers.

Axis Capital, IIFL Securities, Nuvama Wealth Management and SBI Capital Markets are the book-running lead managers for the issue, while Link Intime India is the registrar for the IPO of Medi Assist Healthcare.

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