Medi Assist made a decent entry into the stock market on Tuesday, with its shares debuting at a 10 per cent premium over the issue price, starting at Rs 460.
On the National Stock Exchange (NSE), the initial listing price was Rs 460 per share, representing a 10 per cent increase from the issue price of Rs 418.
Meanwhile, on the Bombay Stock Exchange, the listing price stood at Rs 465 per share, marking an 11.24 per cent rise from the issue price.
Analysts had earlier anticipated the Medi Assist share price to debut within the range of Rs 450 to Rs 470 per share.
During the third day of its initial public offering (IPO) subscription period, the interest was substantial, with the subscription status reaching 16.25 times.
Retail investors subscribed 3.19 times, non-institutional investors (NII) 14.85 times, and qualified institutional buyers (QIB) 40.14 times.
The IPO of Medi Assist Healthcare Services, valued at Rs 1,171.58 crore, included an offer-for-sale (OFS) by investors and promoters, aiming to sell 2.8 crore shares of the company.
The proceeds from the issue, after deducting IPO expenses, would go to the selling shareholders. The promoters include Dr. Vikram Jit Singh Chhatwal, Bessemer India Capital Holding II Ltd., and Medimatter Health Management Private Limited.
Before the IPO opening dates, Investor Investcorp Private Equity Fund I and promoter Bessemer India Capital Holdings II reduced their ownership of Medi Assist Healthcare Services, selling shares valued at Rs 536 crore on January 10.
Shivani Nyati, Head of Wealth, Swastika Investmart Ltd, said, “This impressive performance followed an oversubscribed IPO by 16.25 times, further adding to the positive sentiment surrounding the health-tech firm’s prospects.”
“Medi Assist Healthcare Services Limited is a well-established health-tech and insurance-tech company, but the identified concerns regarding client concentration and dependence on subsidiaries still require ongoing monitoring. This successful debut paints a brighter picture for Medi Assist, but cautious optimism is still advised,” she noted.
“Thus, investors may book this listing gain and exit their holdings; however, those who want to hold positions are advised to keep a stop loss at issue price,” she added.