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- Medi Assist Healthcare Services Ltd
Medi Assist Healthcare Services Ltd IPO
The Company is India's largest health benefits administrator in terms of revenues and premium serviced for health insurance policies. Under the TPA Regulations, insurance companies are the Main clients which serve as an intermediary between (a) general and health insurance companies and the insured members (under retail, corporate and insurance backed public health insurance policies), (b) insurance companies and healthcare providers (such as hospitals), and (c) the Government and beneficiaries of public health schemes.
The Company has developed a pan-India healthcare provider network which comprises 18,754 hospitals across 1,069 cities and towns and 31 states in India and network across 141 countries globally, as on September 30, 2023. It offer Insurance Companies, seamless exchange of insured member and claims Information, claims processing, fraud detection, management of cashless healthcare provider network, enabling final payout to insured members and hospitals and data analytics, among others.
The Company was registered as a Third Party Administrator (TPA) with IRDAI in 2002. In December 2010, Medimatter Health acquired equity stake into the Company from Reliance Capital Limited and Medybiz Private Limited. On May 27, 2017, Company acquired business of Medicare Insurance TPA Services (India) Private Limited as going concern through slump sale, which became effective from June 29, 2018.
Medi Assist TPA acquired DHS TPA in 2018. On 17 February 2018, Medybiz Services Private Limited (MSPL) merged with Company through Scheme of Amalgamation and the entire business undertaking of MSPL, was transferred in the Company effective from April 1, 2018. The amalgamation between the Company and Medybiz Services Private Limited (MSPL) was made effective from December 9, 2019.
In 2019-20, through Scheme of Arrangement between the Company and Mandala, the entire undertaking of the Consumer Facing Health and Wellness Division of the Company demerged and transferred in Mandala and the Scheme of Demerger became effective from December 4, 2020.
In October 2022, the Company acquired 10,000 equity shares of International Healthcare Management Services Private Limited from Mayfair Group Holding Subcontinent Limited and Nicholas Taylor, constituting 100% of its equity share capital, subsequent to which, IHMA became a wholly-owned subsidiary of the Company.
In 2022, Medi Assist TPA acquired Medicare Insurance TPA Services (India) Pvt. Ltd. In 2023, the Company acquired Mayfair We Care.
In 2023, the Company acquired Raksha Health Insurance TPA Private Limited and Raksha TPA became a wholly-owned subsidiary of Medi Assist TPA on August 25, 2023.
The Company came up with an Initial Public Offering of issuing 28,028,168 Equity Shares through Offer for Sale by raising capital from public aggregating to Rs 1172 Crores in January, 2024.
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Medi Assist Healthcare Services Ltd IPO Timeline
Medi Assist Healthcare Services Ltd IPO opens on 15-Jan-2024, and closes on 17-Jan-2024. The Medi Assist Healthcare Services Ltd IPO bid date is from 15-Jan-2024 to 17-Jan-2024. The Cut-off time for UPI Mandate confirmation is 12 P.M. on the next day of issue closing day.
| Event | Date |
|---|---|
| Medi Assist Healthcare Services Ltd IPO Opening Date | 15-Jan-2024 |
| Medi Assist Healthcare Services Ltd IPO Closing Date | 17-Jan-2024 |
| Basis of Allotment | 18-Jan-2024 |
| Initiation of Refunds | 19-Jan-2024 |
| Credit of Shares to Demat | 19-Jan-2024 |
| Medi Assist Healthcare Services Ltd IPO Listing Date | 23-Jan-2024 |
Medi Assist Healthcare Services Ltd IPO Lot Size
Medi Assist Healthcare Services Ltd IPO lot size is 35 shares. A retail-individual investor can apply for up to 13 lots (455 shares or 190190).
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Minimum | 1 | 35 | ₹14630 |
| Maximum | 13 | 455 | ₹190190 |
Medi Assist Healthcare Services Ltd IPO Details
| Medi Assist Healthcare Services Ltd IPO Date | 15-Jan-2024 to 17-Jan-2024 |
| Medi Assist Healthcare Services Ltd IPO Face Value | Shares of ₹5 per share |
| Medi Assist Healthcare Services Ltd IPO Price | ₹397 to ₹418 per share |
| Medi Assist Healthcare Services Ltd IPO Lot Size | 35 |
| Issue Size | Shares of ₹5 (aggregating up to ₹1171.58 Cr) |
| Fresh Issue | - |
| Offer for Sale | Shares of ₹5 (aggregating up to ₹1171.58 Cr) |
| Issue Type | Book Built Portion |
| Listing At | BSE, NSE |
| QIB Shares Offered | Not more than 5605634 |
| Retail Shares Offered | Not less than 9809859 |
| NII (HNI) Shares Offered | Not less than 4204226 |
| Company Promoters | Vikram Jit Singh Chhatwal, Medimatter Health Management P, Bessemer India Capital Holding. |
Objects of the Issue
The company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects:
- 1 Listing of Shares on the Stock Exchanges
Company Financials
Medi Assist Healthcare Services Ltd Financial Information (Restated)
| Period Ended | Total Assets | Total Revenue | Profit After Tax |
|---|---|---|---|
| 03-2024 | 251.58 | 130.59 | 19.45 |
| 03-2023 | 197.67 | 85.50 | 16.59 |
| 03-2022 | 194.96 | 65.55 | 18.50 |
| Amount in ₹ Crore | |||
- Well Established Third Party Administrator in India.
- Scalable technology-enabled infrastructure addressing the needs of all constituents of the health insurance ecosystem.
- Longstanding relationships with Indian insurance companies.
- Diversified base of Group Accounts with strong relationships.
- Attractive contracts with a pan-India healthcare provider network to provide discounted rates and/or preferential packages to its customers.
- The Company's ability to integrate acquisitions with its business and consolidating its position in the industry.
- Experienced management team and institutional shareholders.
- The company's inability to effectively manage and expand its network of healthcare providers may have an adverse effect on its business, results of operations and financial condition.
- The company derives a significant portion of its revenues from a limited number of clients and the loss of one or more such clients could adversely affect its business and prospects.
- The report of the previous statutory auditors of the Company and one of its Subsidiaries, Medi Assist TPA, contains certain disclaimers of opinion, and the reports of the current statutory auditors of the Company and one of the Subsidiaries, Medi Assist TPA, contain other matter and emphasis of matter paragraphs, as applicable.
- The company's business is significantly dependent on group accounts in certain industries, and any adverse developments affecting such industries may adversely affect its business and results of operations. In addition, any termination or adverse change in the company relationship or arrangements with insurance companies or corporates could adversely affect its business, results of operations and financial condition.
- The company has acquired certain entities in the recent past, including outside of India, and may continue to do so in the future. Any failure to realize the anticipated benefits of its acquisitions may have an adverse effect on the company business, results of operations, financial condition and cash flows.
- There are outstanding legal proceedings involving the Company, the Directors, the Promoters and the Subsidiaries.
- The company is dependent on its Directors, Key Managerial Personnel and Senior Management, and the loss of, or the company inability to attract or retain these persons could adversely affect its business, results of operations and financial condition.
- The company revenues and profitability are dependent on its premium under management, which may decline.
- The company's business is dependent on the continued demand for benefits administration services by insurance companies, corporates and the Central and State Governments.
- The company have certain contingent liabilities that may adversely affect its financial condition and results of operations.
- Significant disruptions in the company information technology systems, its inability to maintain and upgrade the company information technology systems, or breaches of data security could adversely affect its reputation, business and results of operations.
- The company has had negative cash flows from investing and financing activities in the past and may continue to have negative cash flows in the future.
- The company has, in the past, failed to make timely regulatory filings with the RoC.
- Certain of the company Subsidiaries have availed bank guarantees, and are required to comply with certain restrictive covenants under its financing agreements. Any non-compliance will lead to an event of default resulting in repayment of the facility on demand, suspension of further disbursements or cancellation of the facility, which may adversely affect its business, results of operations, financial condition and cash flows and impact dividends and distributions of the Subsidiaries to the Company.
- The company's business is subject to various laws and regulations and its inability to comply with them may adversely affect the company business, results of operations and reputation.
- The company have commissioned an industry report from Frost & Sullivan (India) Private Limited which has been used for industry related data in this Draft Red Herring Prospectus. Accordingly, prospective investors are advised not to place undue reliance on such information.
- The company has in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interests with its shareholders.
- Conflicts of interest may arise out of common business objects shared by the Company, its Subsidiaries, The company Group Companies and the Promoters, which may affect the company business, results of operations and financial conditions.
- Non-compliance with the Insurance Regulatory and Development Authority of India's (IRDAI) inspections or any adverse observations by the IRDAI may adversely affect the company business, results of operation or financial condition.
- The company Directors, Promoters, Key Managerial Personnel and Senior Management have interests in it other than reimbursement of expenses incurred and normal remuneration and benefits.
- The company service government-sponsored insurance schemes and are exposed to risks associated with program funding, enrollments and delayed payments that could adversely affect its business, results of operations and financial condition.
- The company handle personal data, including sensitive medical data, in the ordinary course of its business and any failure to maintain the confidentiality of such data could result in legal liabilities for it and adversely affect the compny reputation.
- Employee fraud or misconduct could harm it by impairing the company ability to attract and retain clients and subject it to significant legal liability and reputational harm.
- The company may be subject to wrongful claims processing that could result in the imposition of penalties or require it to pay damages under its contractual arrangements.
- If the company is unable to establish and maintain an effective system of internal controls and compliances, its business and reputation may be adversely affected.
- In the event of a disaster, the company disaster recovery and business continuity plans may fail, which could result in the loss of client data and adversely interrupt operations.
- The benefits administration industry is intensely competitive and the company inability to compete effectively may adversely affect its business, results of operations and financial condition.
- The company's inability to effectively manage its growth or to successfully implement the company business plan and growth strategy could have an adverse effect on its business, results of operations and financial condition.
- The inability to identify, obtain and retain intellectual property rights or technology could harm its business. Further, the company may infringe upon the intellectual property rights of others, any misappropriation of which could adversely affect its business and reputation.
- The company relies on its existing brands and the dilution of such brands could adversely affect the company business and prospects.
- Any failure to maintain the quality of the company services may negatively impact its brands and reputation and result in loss of the insurance companies and the group accounts serviced by it, which may adversely affect the company business and results of operations.
- The company may be subject to potential reputational harm arising from any negligence or misconduct by its healthcare service provider network.
- The company insurance coverage may not be sufficient or may not adequately protect it against all material hazards, which may adversely affect its business, results of operations and financial condition.
- The success of its business and operations are dependent upon certain quality accreditations which are valid for a limited time period. An inability to renew such accreditations in a timely manner, or at all, may adversely affect its business and prospects.
- The company conduct its business operations on leased premises, and the company inability to renew such leases may adversely affect of the operations.
- The Company's ability to pay dividends in the future will depend on its profitability and the financial performance of the company Subsidiaries.
- Some of the company Directors, Promoters, Key Managerial Personnel and Senior Management may have interests in entities which are in businesses similar to the company, and this may result in conflict of interest with it.
- The company will continue to be controlled by its Promoters after the completion of the Offer and their interests may differ from those of the other shareholders.
- The company corporate Promoters may not have adequate experience in the business activities undertaken by the Company and its Subsidiaries.
- Maintain its Leadership Position among Group Accounts.
- Continue Pursuing Inorganic Growth Opportunities.
- Continue to Enhance its Technology Platforms.
- To Increase its Share in the Retail Segment.
Medi Assist Healthcare Services Ltd IPO Promoter Holding
| Pre Issue Share Holding | 61.47% |
| Post Issue Share Holding | 39.67% |
Medi Assist Healthcare Services Ltd IPO Subscription Status (Bidding Detail)
The Medi Assist Healthcare Services Ltd IPO is subscribed 16.25 times on Jan 17, 2024 05:00:00 PM. The public issue subscribed 3.19 times in the retail category, 40.14 times in the QIB category, and 14.85 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | QIB | NII | Retail | Employee | Total |
|---|---|---|---|---|---|
| Subscription (times) | 40.14 | 14.85 | 3.19 | - | 16.25 |
Medi Assist Healthcare Services Ltd IPO Prospectus
Medi Assist Healthcare Services Ltd IPO Listing Date
| Listing Date | 23 Jan 24 |
| BSE Script | 544088 |
| NSE Symbol | MEDIASSIST |
| Listing In | BSE, NSE |
| ISIN | INE456Z01021 |
| IPO Price | ₹418 |
| Face Value | ₹5 |
Medi Assist Healthcare Services Ltd IPO Registrar
Link Intime India Pvt Ltd
Phone: (+ 91) 810 811 4949
Email: medi.ipo@linkintime.co.in
Website: www.linkintime.co.in
Medi Assist Healthcare Services Ltd IPO Lead Manager(s)
- Axis Capital Ltd
- IIFL Securities Ltd
- SBI Capital Markets Ltd
- Nuvama Wealth Management Ltd
FAQs on Medi Assist Healthcare Services Ltd IPO
Medi Assist Healthcare Services Ltd IPO, which opens for subscription from 15-Jan-2024 to 17-Jan-2024 has an issue size of ₹1171.58 crore. The issue type is book building issue.
In case of pre-apply, your IPO order will be placed on the Exchange as soon as the official bidding for Medi Assist Healthcare Services Ltd IPO begins. You will receive a UPI request within 24 hours after the bidding period opens.
Medi Assist Healthcare Services Ltd IPO Opens for subscription from 15-Jan-2024 to 17-Jan-2024.
The lot size of Medi Assist Healthcare Services Ltd is 35 shares. Retail investors can subscribe to minimum 1 lot and maximum 13 lots. The minimum and maximum application value is ₹14630 and ₹190190 respectively.
Allotment date for Medi Assist Healthcare Services Ltd is 18-Jan-2024 and refund of application amount (in case allotment is not received) will begin from 19-Jan-2024. If your allotment goes through, then shares will be credited in your Demat account by 19-Jan-2024.
The registrar for Medi Assist Healthcare Services Ltd IPO is Link Intime India Pvt Ltd. You can check your IPO allotment status on the registrar's website.
The shares of Medi Assist Healthcare Services Ltd are proposed to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
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