Private Equity

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Medi Assist Healthcare's Rs.1,171-Cr OFS-IPO subscribed 16.25 times

Business Standard  

The initial public offering (IPO) of Medi Assist Healthcare Services, a Bessemer Ventures and Investcorp-backed third-party insurance administrator, received 16.25 times subscription. The INR 1,171.57 crore-IPO received bids for 31,87,78,530 shares, against 1,96,19,719 shares on offer. The category for Qualified Institutional Buyers (QIBs) got subscribed 40.14 times, while the portion for non-institutional investors fetched 14.85-times subscription. The quota for Retail Individual Investors (RIIs) got subscribed 3.19 times. Nuvama Wealth Management, Axis Capital, IIFL Securities, and SBI Capital Markets were the managers to the offer.The initial public offer was entirely an offer-for-sale (OFS) of 2,80,28,168 equity shares. It had a price range of INR 397-418 a share. The selling shareholders include company chairman Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer Health Capital, and Investcorp Private Equity Fund.Medi Assist claims to cover over 18,000 hospitals across 1,069 cities with 35 insurers as partners.