09-Jan-2024
2 mins read
The Initial Public Offering (IPO) of Medi Assist Healthcare is structured as a book-built issue comprising 2.8 crore shares, entirely represented by an offer for sale of the same number. The IPO dates for Medi Assist Healthcare, scheduled from January 15, 2024, to January 17, 2024. Additionally, the price bands for the IPO are ₹397 to ₹418 per share. The IPO is managed by Axis Bank Limited, Iifl Securities Ltd, Nuvama Wealth Management Limited, and SBI Capital Markets Limited as the book-running lead managers. Link Intime India Private Ltd has been appointed as the registrar for this public offering.
Medi Assist Healthcare Services Limited Product Portfolio
Founded in June 2002, Medi Assist Healthcare Services Limited operates as a health-tech and insurance-tech enterprise, focusing on managing health benefits for various groups, including employers, retail members, and public health scheme participants, primarily catering to insurance companies. Medi Assist’s services encompass offering medical insurance and facilitating cashless hospitalisation through an extensive network of healthcare providers. The company plays a pivotal role in connecting:
- General and health insurance companies with their insured members.
- Insurance companies with healthcare providers like hospitals.
- The Government with public health scheme beneficiaries.
As of March 31, 2023, Medi Assist Healthcare has partnered with 36 insurance companies in India and globally.
Financially, the retail portfolio of Medi Assist Healthcare contributed Rs 494.68 million, Rs 579.84 million, and Rs 570.29 million to the revenue for the fiscal years 2021, 2022, and 2023, respectively. These figures accounted for 15.33%, 14.72%, and 11.29% of the total revenue from customer contracts in those respective years.
As of March 31, 2023, Medi Assist Healthcare has established a significant healthcare network in India, encompassing over 14,000 hospitals across 967 cities and towns in 32 states and union territories. In the fiscal year 2023, the company successfully processed 5.27 million claims, which included 2.44 million in-patient claims and 2.83 million out-patient claims.
The Objectives of Medi Assist Healthcare Services Limited IPO
The primary goal of this offering is to gain the advantage of having the company’s Equity Shares listed on the Stock Exchanges. The company anticipates that this listing will increase its brand recognition and visibility while offering liquidity to its current shareholders. Furthermore, the listing is expected to establish a public market for Equity Shares within India. It’s important to note that the company will not gain any financial proceeds from this offering. Instead, all proceeds generated from the Offer will be distributed to the Selling Shareholders relative to the proportion of Equity Shares they have put up in this Offer for Sale.
Financial Performance of Medi Assist Healthcare Services Limited (In Rs Crore)
Between the fiscal years ending March 31, 2022, and March 31, 2023, Medi Assist Healthcare Services Limited experienced a revenue growth of 25.95% and an increase in profit after tax (PAT) of 15.3%.
| Period Ended | 31-Mar-23 | 31-Mar-22 | 31-Mar-21 |
| Assets | 705.72 | 602.23 | 545.3 |
| Revenue | 518.96 | 412.02 | 345.57 |
| Profit After Tax | 74.04 | 64.22 | 26.27 |
| Net Worth | 383.67 | 339.29 | 292.55 |
| Reserves and Surplus | 353.86 | 308.63 | 295.81 |
| Total Borrowing |
Important Details of Medi Assist Healthcare Services Limited IPO
| IPO Date | January 15, 2024 to January 17, 2024 |
| Listing Date | Monday, January 22, 2024 |
| Face Value | Rs 5 per share |
| Price | ₹397 to ₹418 per share |
| Lot Size | 35 Shares |
| Total Issue Size | 28,028,168 shares |
| Offer for Sale | 28,028,168 shares of Rs 5 |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Shareholding pre issue | 68,859,212 |
| Shareholding post issue | 68,859,212 |
IPO Reservation of Medi Assist Healthcare
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Key Performance Indicator of Medi Assist Healthcare
| KPI | Values |
| ROCE | 24.95% |
| RoNW | 19.63 |
Lead Manager(s) of Medi Assist Healthcare Services Limited IPO
The lead manager(s) for Medi Assist Healthcare IPO are Axis Bank Limited, Iifl Securities Ltd, Nuvama Wealth Management Limited and SBI Capital Markets Limited.
Promoters of Medi Assist Healthcare Services Limited IPO
Dr Vikram Jit Singh Chhatwal, Medimatter Health Management Private Limited and Bessemer India Capital Holding II Ltd are the promoters of the company.
Promoter Holding of Medi Assist Healthcare IPO
| Shareholding Pre Issue | 77.14% |
| Shareholding Post Issue |
How to Apply for Medi Assist Healthcare Services Limited IPO
Wait for the public issue to open for subscription, then click on this link to apply for theMedi Assist Healthcare Services Limited IPO with Bigul https://ipo.bonanzaonline.com/.
How to Check Allotment Status
The registrar for Medi Assist Healthcare Services Limited IPO is Link Intime India Private Ltd. To check your allotment status, please click on this link https://linkintime.co.in/
FAQs
- What is the Medi Assist Healthcare Services Limited IPO?
The IPO of Medi Assist Healthcare Services Limited is a book-built issue consisting of 2.8 crore shares, all of which are being offered for sale. The IPO for Medi Assist Healthcare is scheduled for January 15, 2024, to January 17, 2024, with a price range of ₹397 to ₹418. This IPO is primarily aimed at listing the company’s Equity Shares on the Stock Exchanges to enhance brand visibility and provide liquidity to its shareholders.
- Who are the lead managers of the Medi Assist Healthcare IPO?
The IPO is managed by Axis Bank Limited, Iifl Securities Ltd, Nuvama Wealth Management Limited, and SBI Capital Markets Limited as the book-running lead managers. Link Intime India Private Ltd is the registrar for the IPO.
- What does Medi Assist Healthcare Services Limited do?
Medi Assist Healthcare Services Limited, founded in June 2002, is a health-tech and insurance-tech company. It specializes in managing health benefits for employers, retail members, and public health scheme participants. The company provides medical insurance and cashless hospitalization services, connecting insurance companies with members and healthcare providers, and facilitates public health scheme benefits.
- What is the financial performance of Medi Assist Healthcare Services Limited?
For the fiscal years ending March 31, 2021, 2022, and 2023, the company reported revenues of Rs 345.57 million, Rs 412.02 million, and Rs 518.96 million, respectively. Its profit after tax (PAT) for the same periods was Rs 26.27 million, Rs 64.22 million, and Rs 74.04 million, respectively.
- How can I apply for the Medi Assist Healthcare IPO?
Once the IPO is open for subscription, interested investors can apply through the provided link at Bigul: https://ipo.bonanzaonline.com/.
- How do I check the allotment status of the Medi Assist Healthcare IPO?
The allotment status can be checked through the registrar of the IPO, Link Intime India Private Ltd, by visiting their website: https://linkintime.co.in/.
- What are the key dates and details for the Medi Assist Healthcare IPO?
The IPO date, listing date, price, and lot size for the offering are scheduled from January 15, 2024, to January 17, 2024. The listing date is set for January 22, 2024, with shares priced in the range of ₹397 to ₹418 and a lot size of 35 shares. The total issue size is 28,028,168 shares, and the offer for sale is the same number of shares with a face value of Rs 5 each. The IPO is a Book Built Issue and will be listed on BSE and NSE.
- Who are the promoters of the Medi Assist Healthcare IPO?
The promoters are Dr. Vikram Jit Singh Chhatwal, Medimatter Health Management Private Limited, and Bessemer India Capital Holding II Ltd.
- What are the reservation categories for investors in the Medi Assist Healthcare IPO?
The IPO reservations are divided as follows: Not more than 50% for Qualified Institutional Buyers (QIB), not less than 35% for Retail investors, and not less than 15% for Non-Institutional Investors (NII/HNI).