Medi Assist TPA – India’s Largest Health Benefits Administrator IPO

IPO Opens on Jan 15th and Closes on Jan 17

Customer driven, we stay true to our commitments made to our Customers: Dr. Vikram Jit Singh Chhatwal (CM &MD)


Ahmedabad, Jan 13: Medi Assist IPO price: The health-tech company has a fixed price band of the book build issue at ₹397 to ₹418 per equity share.  Medi Assist IPO date: The public issue will open on 15th January 2024 and it will remain open for bidding till 17th January 2024.

The entire IPO is an offer for sale (OFS). That means there will be no fresh funds coming into the company on account of the IPO. An offer for sale is just a transfer of shares from one shareholder to another. The IPO will be lead managed by Axis Capital, IIFL Securities, Nuvama Wealth Management and SBI Capital Markets. Link Intime India Private Ltd will be the registrar to the issue.

Since there is no fresh issue, the OFS portion will also double up as the overall issue size. Hence, the overall IPO of Medi Assist Healthcare Services Ltd will also comprise of the issue of 2,80,28,168 shares (280.28 lakh shares approximately), which at the upper price band of ₹418 per share translates into total IPO size of ₹1,171.58 crore.

Medi Assist Healthcare IPO is a book built issue of Rs 1,171.58 crores. The issue is entirely an offer for sale of 2.8 crore shares.

Medi Assist Healthcare IPO opens for subscription on January 15, 2024 and closes on January 17, 2024. The allotment for the Medi Assist Healthcare IPO is expected to be finalized on Thursday, January 18, 2024. Medi Assist Healthcare IPO will list on BSE, NSE with tentative listing date fixed as Monday, January 22, 2024.

Medi Assist Healthcare IPO price band is set at ₹397 to ₹418 per share. The minimum lot size for an application is 35 Shares. The minimum amount of investment required by retail investors is ₹14,630. The minimum lot size investment for sNII is 14 lots (490 shares), amounting to ₹204,820, and for bNII, it is 69 lots (2,415 shares), amounting to ₹1,009,470.

The company was promoted by Dr Vikram Jit Singh Chhatwal, Medimatter Health Management Private Ltd, and Bessemer India Capital Holding II Ltd. Currently the promoters hold 67.55% stake in the company, which will get diluted post the IPO to 45.75%. As per the terms of the offer, not more than 50% of the net offer is reserved for the qualified institutional buyers (QIBs), while not less than 35% of the net offer size is reserved for the retail investors. The residual 15% is kept aside for the HNI / NII investors. The table below captures the gist of the allocation to various categories.

Medi Assist Healthcare provides third party administration services to insurance companies through its wholly owned subsidiaries. It partners with group accounts (employers) to administer their employee health insurance plans, in India. Additionally, we partner with Insurers to administer health insurance plans for retail customers (individual insurance Policyholders) and publicly funded health schemes (Government Schemes). Medi Assist TPA is India’s largest benefits administrator.

Mediassist was incorporated in 2000, with a vision to deliver informed healthcare decisions to a billion lives connected by our technology, partnerships and human touch, Medi Assist has grown rapidly over the past years and is now considered a trusted name. Through strategic acquisitions, they have expanded our capabilities to serve our members not only in India but also across 141 countries worldwide.

Dr. Vikram Jit Singh Chhatwal is the Chairman and Managing Director, · Satish Gidugu  is the Whole Time Director and Chief Executive Officer (CEO) of the company. Other directors of the company include  Himani Kapadia · Dr. Ritu Anand · Anil Chanana · Ananda Mukerji · G. Srinivasan · Vishal Gupta. Mathew George is the Chief Finance Officer (CFO) of the company.

Axis Capital, IIFL Securities, Nuvama Wealth Management, and SBI Capital Markets are the book running lead managers to the issue of Mediassist IPO.

Top Management of Medi Assist were in Ahmedabad on Saturday to address the media at Ahmedabad.