Key Points for this IPO:
👉The issue is entirely an offer for sale of 2.8 crore shares amounting ₹1,171.58 Crore
👉It is the leading TPA in insurance sector with niche place and offers technology based services.
👉There are no comparable peers having business model similar to MAHSL
👉Medi Assist is the leader in the industry with 42 per cent of the TPA market by premiums, which implies a 21 per cent share in overall health insurance
👉GMP as on 14 Jan 2024 is 7%
| Issue Date | 15 to 17 Jan, 2024 |
| Issue Size | Rs. 1,171.58 crore |
| Fresh Issue | Rs. 1,171.58 crore |
| Price Band | Rs. 397 to 418 per share |
| Lot Size | 35 Shares |
| Employee Discount | Nil |
| Face Value | ₹5 per share |
| Issue Type | Book Built Issue Type |
| Listing At | BSE, NSE |
| QIB shares offered | Not more than 50% of the net issue |
| Retail shares offered | Not less than 35% of the net issue |
| NII shares offered | Not less than 15% of the net issue |
Lot Size (Minimum)
| Retail | 35 shares | Rs. 14,630 |
| Small – HNI | 490 shares | Rs. 2,04,820 |
| Big – HNI | 2415 shares | Rs. 10,09,470 |
Tentative IPO Timelines
| Basis of Allotment | 18 Jan, 2024 |
| Initiation of Refunds | 19 Jan, 2024 |
| Credit of shares to Demat | 19 Jan, 2024 |
| Listing Date | 22 Jan, 2024 |
About the Company
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 offers medical insurance and cashless hospitalization through a network of healthcare service providers. However, the company also acts as a mediator between (a) general and health insurance companies and their insured members, (b) insurance companies and healthcare providers (such as hospitals), and (c) the Government and beneficiaries of public health schemes. Medi Assist Healthcare collaborated with 36 insurance companies in India and worldwide as of March 31, 2023.
The revenue generated by the retail portfolio for the financial years 2021, 2022, and 2023 was ₹494.68 million, ₹579.84 million, and ₹570.29 million, respectively. These amounts constituted 15.33%, 14.72%, and 11.29% of the total revenue from customer contracts for the same years.
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.
Objects of the Issue
The object 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.
Jyoti CNC Automation IPO Promoter Holding
The Promoters of the company are:
- Dr Vikram Jit Singh Chhatwal
- Medimatter Health Management Private Limited
- Bessemer India Capital Holding II Ltd.
| Pre-Issue shareholding | 67.55% |
| Post issue shareholding | 45.75% |
Financial Summary Amount in Rs. crores
| Particulars | March 2023 | March 2022 | March 2021 |
| Revenue | 518.96 | 412.02 | 345.57 |
| Net Profit / (Loss) | 75.31 | 63.47 | 38.01 |
| Total Assets | 705.72 | 602.23 | 545.30 |
GMP / Expected Premium
GMP as on 14-01-2024 is 7%.
Please note GMP is taken from internet and is subject to change in future. Please consult your financial advisor before applying in the IPO.
Conclusion: Though not much listing gain is expected, Investors with high risk appetite may apply.
Disclaimer: The information above is only for information and educational purpose. Please consult your Financial advisor before applying in the IPO.
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