Medi Assist IPO Subscribed 1.20 Times On Second Day Of Offer

Medi Assist's IPO sees robust demand, with a 1.20x subscription rate on day two, led by strong retail and non-institutional investor interest.
Medi Assist IPO Subscribed 1.20 Times On Second Day Of Offer

The Initial Public Offering (IPO) of Medi Assist Healthcare Services got subscribed 1.20 times on the second day of subscription on Tuesday.

The Rs 1,171.57 crore-IPO received bids for 2,34,69,985 shares against 1,96,19,719 shares on offer, as per NSE data.

The category for Retail Individual Investors (RIIs) received 1.70 times subscription while the quota for non-institutional investors got subscribed 1.61 times. The portion for Qualified Institutional Buyers (QIBs) got subscribed 1 per cent.

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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