Medi Assist Healthcare Services IPO Subscribed 1.20 Times On Day 2

Medi Assist Healthcare Services Ltd. launched its initial public offer on Monday. The maiden share sale will continue till Jan. 17. It was subscribed 54% on day 1.

The IPO is a pure offer for sale, where promoters and other shareholders will offload up to 2.80 crore shares worth Rs 1,171.6 crore. The price band for the issue is fixed at Rs 397–418 per share.

The company raised Rs 351.4 crore from anchor investors ahead of the maiden share sale. It allotted 84.08 lakh equity shares to 36 funds at the upper price limit of Rs 418 apiece, according to data on the exchanges.

Goldman Sachs, Nomura Holdings Inc., Jupiter India Fund, Pinebridge Global Funds, SBI Life Insurance Co., Bajaj Allianz Life Insurance Co. and Aditya Birla Sun Life Insurance Co. participated in the anchor round.

HDFC Mutual Fund, Kotak Mahindra Mutual Fund, Aditya Birla Sun Life Mutual Fund, Edelweiss Mutual Fund, Tata Mutual Fund, Sundaram Mutual Fund and Bandhan Mutual Fund were among the fund houses that received shares from the anchor book.

Since the IPO is entirely an OFS, the proceeds from the share sale will go to the selling promoters and shareholders, and not the company. The selling promoters include Chairperson Vikram Jit Singh Chhatwal, Medimatter Health Management Pvt. and Bessemer Health Capital LLC.