Medi Assist Healthcare Services, the Bengaluru-based health insurance third-party administrator, mobilised Rs 351.5 crore through its anchor book issue ahead of the IPO opening. The public issue will open next week on January 15 and will close on January 17.
Marquee names in the list of anchor investors included Nomura Trust, Goldman Sachs, Ashoka Whiteoak, Pinebridge Global Funds, Troo Capital, and HSBC.
Further, HDFC Mutual Fund, Kotak Mahindra Trustee, Aditya Birla Sun Life Trustee, SBI Life Insurance Company, Mirae Asset, Canara Robeco Mutual Fund, Tata Mutual Fund, Sundaram Mutual Fund, Bandhan Mutual Fund, Edelweiss Trusteeship, Bajaj Allianz Life Insurance Company, Max Life Insurance Company and SBI General Insurance Company among domestic investors also participated in the anchor book, which was launched for a day on January 12.
The healthtech firm in consultation with the book-running lead managers has finalised the allocation of 84,08,449 equity shares to anchor investors at Rs 418 per share.
"Of the total allocation of 84,08,449 equity shares to anchor investors, 40,70,768 equity shares were allocated to 11 domestic mutual funds through a total of 18 schemes," the company said in its filing to exchanges.
Bessemer India Capital-backed Medi Assist aims to raise Rs 1,171.6 crore through an initial public offering (IPO) of 2.8 crore equity shares in the coming week. The price band for the offer has been fixed at Rs 397-418 per share.
The said fundraising plan comprises only an offer for sale (OFS) by the existing shareholders and there is no fresh issue component. Hence, the issue proceeds, barring IPO expenses, will go to the selling shareholders.
Also read: Medi Assist Healthcare IPO: Investcorp to exit company with 7-fold jump in profit at Rs 537 crore
Promoters Dr Vikram Jit Singh Chhatwal and Bessemer Health Capital LLC will exit the company by selling their entire personal shareholding of 25,39,092 equity shares, and 66,06,084 shares, respectively in the OFS.
Further, Vikram Jit Singh Chhatwal and his wife Savitri Choudhury-owned Medimatter Health Management will be offloading 1,24,68,592 equity shares, while the remaining 62,75,706 shares of investor Investcorp Private Equity Fund I, the part of Bahrain-based Investcorp Group, will also be sold in the OFS.
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Other 9 shareholders will also sell a total of 1,38,694 equity shares via OFS.
On January 10, Investcorp sold 86,34,746 equity shares and Bessemer India Capital Holdings II, the promoter entity, 41,86,500 equity shares of Medi Assist ahead of IPO opening. Their current shareholding in the company stands at 9.11 percent and 29.84 percent, respectively.
Meanwhile, the trading premium of Medi Assist IPO in the grey market has dropped to 15 percent from 19 percent quoted earlier despite strong equity market conditions, the market observers said. The grey market is an unofficial platform wherein the IPO shares can be bought and sold till the listing.
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