Medi Assist Healthcare Services Limited IPO

Medi Assist Healthcare IPO is a book-built issue of Rs 1,171.58 crores. The issue is entirely an offer for sale of 2,80,28,168 shares of face value of ₹ 5 each

The IPO opens for subscription on January 15, 2024, and closes on January 17, 2024, with a price band of ₹397 to ₹418 per share. The minimum lot size for an application is 35 Shares

Company Summary

Medi Assist Healthcare Services Limited, which is a holding company and proposed to be listed and has nine Subsidiaries of which four are direct Subsidiaries and five are indirect Subsidiaries.

The company provides third-party administration services to insurance companies through their wholly owned Subsidiaries, Medi Assist TPA, Medvantage TPA, and Raksha TPA.

As a third-party administrator, the company acts as a facilitator between

(a) insurance companies and their policyholders,

(b) insurance companies and healthcare providers,

(c) the Government and beneficiaries of public health schemes.

The company managed ₹145,746.49 million of health insurance premiums (group and retail) at the end of Financial year 2023, growing at a CAGR of 35.67% from ₹79,184.93 at the end of Financial Year 2021.

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.

Company strengths

The company’s technology-driven infrastructure and services are custom-built, and assist various stakeholders such as insurance companies, hospitals, insurance brokers and insurance agents in their operations, and are scalable, comprehensive, easy to use and secure.

They offer a comprehensive healthcare solution to their customers, encompassing an extensive in-patient and out-patient network, on-demand health services, robust management of fraud, waste, and abuse, as well as effective medical inflation control.

They serviced over 9,500 group accounts across sectors to help administer the insurance requirements of their employees.

For the Financial Year 2023, the company managed ₹17.57 billion of premiums for the retail health insurance market, representing 5.06% of the overall retail health insurance market in India

Company Financials 

 Objectives of the IPO

The objectives of the Offer are to achieve the benefits of listing the Equity Shares on the Stock Exchanges and for the Offer for Sale of up to 28,028,168 Equity Shares.

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 as 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.

Company Promoters

Dr. Vikram Jit Singh Chhatwal, Medimatter Health and Bessemer India Capital Holdings II Ltd. are the Promoters of the Company.

Promoters in aggregate hold 46,511,128 Equity Shares, representing 67.55% of the issued, subscribed and paid-up Equity Share capital of the Company.

 IPO Details

 Lot Allocation Details

Allotment Details

 IPO Reservation

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