Synopsis:
On day 2 of the Medi Assist Healthcare IPO, the subscription rate reached 80%, with the retail portion fully booked. Despite this, the Grey Market Premium (GMP) remained steady.
The retail portion of the Medi Assist Healthcare Services IPO was fully subscribed within minutes on day 2, with an overall subscription of 80% as of 12:18 IST.
The IPO had a slow start on the first day, with a 54% subscription rate.
On day 1, the retail portion was subscribed 89%, Non-Institutional Investors (NII) portion 45%, and the Qualified Institutional Buyers (QIB) portion is yet to be booked.
The IPO raised ?351.47 crore on January 12, allotting 84,08,449 equity shares to 35 anchor investors. The price band is ?397 to ?418 per equity share of face value ?5. The subscription period is from January 15 to January 17.
On day 2, the retail portion was subscribed 1.30 times, NII portion 69%, and QIB portion is yet to be booked.
Medi Assist Healthcare Services IPO subscription status:
Bids received: 1,56,06,115 shares against 1,96,19,719 shares offered at 12:18 IST.
Retail investors' portion bids: 1,27,09,235 shares against 98,09,859 shares offered.
NII portion bids: 29,02,480 shares against 42,04,226 shares offered.
QIB portion bids: 5,915 shares against 56,05,634 shares offered.
Medi Assist Healthcare Services IPO details:
The IPO, valued at ?1,171.58 crore, involves an offer-for-sale (OFS) by existing shareholders, including investors and promoters. They plan to sell 2.8 crore shares, with the entire proceeds going to the selling shareholders, less IPO expenses.
Promoters include Dr. Vikram Jit Singh Chhatwal, Bessemer India Capital Holding II Ltd., and Medimatter Health Management Private Limited.
Investor Investcorp Private Equity Fund I and promoter Bessemer India Capital Holdings II reduced their ownership before the anchor book and IPO opening dates.
The book running lead managers are Axis Bank Limited, IIFL Securities Limited, Nuvama Wealth Management Limited, and SBI Capital Markets Limited. The registrar is Link Intime India Private Ltd.
Medi Assist Healthcare Services IPO GMP today:
The grey market premium (GMP) is +33, indicating a ?33 premium in the grey market. The estimated listing price is ?451 apiece, 7.89% higher than the IPO price of ?418.
The 'grey market premium' reflects investors' willingness to pay more than the issue price.
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