At close, the Sensex was down 368.49 points or 0.46 percent at 80,235.59, and the Nifty was down 97.65 points or 0.40 percent at 24,487.40. About 1994 shares advanced, 1889 shares declined, and 157 shares unchanged.
Reports also suggest that the block deal will trigger a lock-in until July 18, 2025 for Bessemer India to execute any further stake sales in Medi Assist Healthcare.
Following the acquisition, Medi Assist’s market share by premiums managed is expected to increase by 6 percent in the group segment and by 4 percent in the overall health insurance industry (group and retail combined) as of March 2024.
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Insurers are increasingly depending on TPAs and that augurs well for the company
Nomura India Investment Mother Fund, BNP Paribas Arbitrage and Whiteoak Capital Mutual Fund were the other buyers in Medi Assist Health Services.
Medi Assist IPO: The stock opened at Rs 460 on NSE and Rs 465 on BSE against the issue price of Rs 418
Medi Assist IPO: The stock opened at Rs 460 on NSE and Rs 465 on BSE against the issue price of Rs 418
Medi Assist Healthcare IPO: The stock is expected to open somewhere between Rs 440-470 against the issue price of Rs 418
India's underpenetrated health insurance market, currently at 16% with expectations to double by 2028, highlights substantial growth potential for the company
According to Gidugu, post-simplification, there will be two major business segments for Medi Assist.
Medi Assist IPO: The price band for the issue, which will close on January 17, has been fixed at Rs 397-418 per share
Medi Assist Healthcare's IPO to open for subscription on Jan 15, 2024 and conclude on Jan 17, 2024. The company is a third-party administration (TPA) services provider to insurance companies and offers offers medical insurance and cashless hospitalization through a network of healthcare service providers. Catch Nickey Mirchandani in conversation with Dr. Vikram Jit Singh Chhatwal, Chairman and Whole-time Director & Mr. Satish V.N. Gidugu, Chief Executive Officer and Whole-time Director live on Moneycontrol to know more.
The bulk of the TPA’s revenue is linked to the premium under management of health insurers
The company has allotted 84.08 lakh equity shares to 36 funds at Rs 418 apiece, which is also the upper end of the price band, according to a circular uploaded on BSE's website.
More than Rs 1200 crore would be raised by 3 companies. Out of this, two would be SMEs and one would be mainboard- Medi Assist Healthcare Services. Meanwhile, another company which will make its debut next week will be Jyoti CNC Automation
Medi Assist Healthcare IPO GMP: The shares are trading at Rs 482 in the grey market against the issue price of Rs 418 a share
The public issue comprises only an offer-for-sale (OFS) of 2.8 crore shares by promoters and investors including Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer, and Investcorp.
Medi Assist’s IPO will the first in the country by an insurance third-party administrator. The Bengaluru-based firm has emerged as India’s largest health benefits administrator in terms of revenue and premium services.
Medi Assist, a managed healthcare organization that offers corporate wellness programs, has introduced ChampCamp, an interactive wellness program ...
Medi Assist, a managed healthcare organization that offers corporate wellness programs, has introduced ChampCamp, an interactive wellness program ...