Medi Assist Healthcare Services IPO opens on January 15. Check IPO details issue date price

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Medi Assist Healthcare Services IPO opens on January 15. Check IPO details issue date price

January 12, 2024
Medi Assist Healthcare Services IPO opens on January 15. Check IPO details issue date price

Medi Assist Healthcare Services Limited is coming out with a public issue to raise Rs 1,172 crores from the market.

Below are the details of the Medi Assist Healthcare Services IPO:

  • Issue opens – January 15 (Monday)
  • Issue closes – Januray 17 (Wednesday)
  • Issue size – Rs 1,172 crores
  • Price band – Rs 397 to 418 per equity share
  • Bid lot – 35 shares and in multiples thereof

And here are some details of the company and further details on the IPO.

Company details:

Medi Assist Healthcare Services Limited (“Medi Assist”) was incorporated on June 7, 2000. Medi Assist is the holding company and conducts its business of providing third-party administration (“TPA”) services to insurance companies through its wholly owned subsidiaries, Medi Assist TPA, Medvantage TPA  and Raksha TPA. As a third-party administrator, it acts as a facilitator between (a) insurance companies and their policy holders, (b) insurance companies and healthcare providers (such as hospitals), and (c) the Government and beneficiaries of public health schemes. 

As a third-party administrator, Medi-Assist act as a facilitator between:  Insurance companies and their policy holders,   Insurance companies and healthcare providers (such as hospitals),   The Government and beneficiaries of public health schemes.  

Company’s subsidiaries, Medi Assist TPA and Medvantage TPA, contributed to 96.32% of their revenue from contracts with customers in the FY2023 and 92.98% of the revenue from contracts with customers in the 6 months ended September 30, 2023.  

The company managed ?14,574.65 crore of health insurance premiums (group and retail) as at the end of FY2023 growing at a CAGR of 35.67% from ?7,918.49 crore as at the end of FY2021. As of September 30, 2023, they work with 35 insurance companies in India and globally.

The company also facilitate other healthcare and ancillary services such as hospitalization services, call centre services, customer relations and contract management services, billing services and claims processing services through their company and their other Subsidiaries.

Medi-Assist serviced over 9,500 group accounts across sectors to help administer the insurance requirements of their employees. As of March 31, 2023, Medi Assist TPA and Medvantage TPA managed around ?12,818 crore of group health insurance premiums, representing 27.61% of India’s overall group health insurance market.  

The company also service individual insurance policyholders, and for the Financial Year 2023, they managed ?1,757 crore of premiums for the retail health insurance market, representing 5.06% of the overall retail health insurance market in India.

Issue Size: Rs. 1,172 crores

Issue break-up:

QIB – 50% of the offer – Rs 585.79 crores

NIB – 15% of the offer – Rs 175.74 crores

RET – 35% of the offer – Rs 410.05 crores

Listing: BSE and NSE

Registrar: Link Intime India Private Limited

UPI: All Retail & NII bidders' (bids up to Rs. 5,00,000) applications through brokers are compulsorily in UPI Mode.

Note:

Application made using third-party UPI or ASBA Bank A/c are liable to be rejected.

The UPI Mandate acceptance time for Retail and NII Bidders (bids up to Rs 5,00,000) shall expire at 5 PM on the closing day of the IPO i.e. Wednesday, January 17, 2024

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