Medi Assist Healthcare Services Limited is set to launch its Initial Public Offering (IPO) as a book-built issue, consisting entirely of an offer for sale of 2.8 crore shares. The IPO opens for subscription on January 15, 2024, and closes on January 17, 2024. The allotment is expected to be finalized on Thursday, January 18, 2024, with the listing date tentatively fixed for Monday, January 22, 2024.
**Key Details of Medi Assist Healthcare IPO:**
– **Issue Size:** The IPO is a book-built issue of 2.8 crore shares, entirely through an offer for sale.
– **Price Bands:** The IPO price bands are yet to be announced.
– **Listing:** Medi Assist Healthcare IPO will list on BSE and NSE.
– **Face Value:** ₹5 per share.
– **Total Issue Size:** 28,028,168 shares, aggregating up to ₹[.] Cr.
– **Offer for Sale:** 28,028,168 shares of ₹5, aggregating up to ₹[.] Cr.
– **Book Running Lead Managers:** Axis Bank Limited, Iifl Securities Ltd, Nuvama Wealth Management Limited, and SBI Capital Markets Limited.
– **Registrar:** Link Intime India Private Ltd.
**IPO Timeline (Tentative Schedule):**
– IPO opens on January 15, 2024, and closes on January 17, 2024.
– Basis of Allotment: Thursday, January 18, 2024.
– Initiation of Refunds: Friday, January 19, 2024.
– Credit of Shares to Demat: Friday, January 19, 2024.
– Listing Date: Monday, January 22, 2024.
– Cut-off time for UPI mandate confirmation: 5 PM on January 17, 2024.
**Promoter Holding:**
– The promoters of the Company are Dr. Vikram Jit Singh Chhatwal, Medimatter Health Management Private Limited, and Bessemer India Capital Holding II Ltd.
– Share Holding Pre Issue: 67.55%
– Share Holding Post Issue: 45.75%
**Reservation Details:**
– 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.
**About Medi Assist Healthcare Services Limited:**
Incorporated in June 2002, Medi Assist Healthcare Services Limited is a health-tech and insurance-tech company that manages health benefits for employers, retail members, and public health schemes, primarily serving insurance companies.
Medi Assist acts as a mediator between general and health insurance companies and their insured members, insurance companies and healthcare providers (such as hospitals), and the Government and beneficiaries of public health schemes. As of March 31, 2023, the company has collaborated with 36 insurance companies in India and worldwide.
The retail portfolio revenue for the financial years 2021, 2022, and 2023 was ₹494.68 million, ₹579.84 million, and ₹570.29 million, respectively, constituting a portion of the total revenue from customer contracts.
As of March 31, 2023, the company has established a healthcare network across India, with over 14,000 hospitals in 967 cities and towns in 32 states and union territories.
During FY2023, the company settled 5.27 million claims, comprising 2.44 million in-patient claims and 2.83 million out-patient claims.
**Financial Information (Restated Consolidated):**
– Revenue increased by 25.95%, and profit after tax (PAT) rose by 15.3% between March 31, 2023, and March 31, 2022.
**Key Performance Indicator:**
– ROCE (Return on Capital Employed): 24.95%
– RoNW (Return on Net Worth): 19.63
**Objects of the Issue:**
The objective of the Offer is to achieve the benefits of listing the Equity Shares on the Stock Exchanges. The company expects that listing the Equity Shares will enhance its visibility and brand and provide liquidity to its existing Shareholders. The listing will also provide a public market for the Equity Shares in India. The company will not receive any proceeds from the Offer. All proceeds from the Offer will go to the Selling Shareholders, in proportion to the Equity Shares offered by them in the Offer for Sale.
**IPO Prospectus:**
For detailed information about the IPO, including the financials and company details, you can refer to the Medi Assist Healthcare IPO Draft Red Herring Prospectus (DRHP) and the subsequent Red Herring Prospectus (RHP). These documents are essential for a comprehensive understanding of the offering.
