Continuing the momentum in the new year, the primary market will see one mainboard IPO of Medi Assist Healthcare and 2 other SME offers next week. Further, three listings including that of Jyoti CNC Automation are scheduled in the week.
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Analysts said IPOs in recent times are no longer confined to seasoned investors and have transcended mere financial transactions, grabbing the attention of people across the board.
“The IPO frenzy of the past few months has not stopped. Big names are flocking to the market, attracting the attention of business enthusiasts,” said Mahavir Lunawat, MD, Pantomath Capital Advisors.
Here are the details about IPO activity next week
The issue of Medi Assist Healthcare will open for subscription on January 15 and close on January 17. The company has fixed a price band of Rs 397-418 per share for its IPO, which is completely an offer for sale of 2.8 crore shares.
On listing, Medi Assist will be the first insurance third-party administrator (TPA) in India to hit the Street. The post issue implied market cap will be around Rs 2878 crore.
Medi Assist Healthcare provides third party administration services to insurance companies through its wholly owned subsidiaries. A third party administrator is an organization that processes health insurance claims for insurance companies and provides services such as policy administration, customer service and network management, among others.
The company is the largest health benefits administrator in India in terms of premium under management for retail and group policies, with a market share of around 42% of the group health insurance market, as of FY22.
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For the six months ended September 2023, the company’s total income rose 26% year-on-year to Rs 312 crore, while net profit fell 39% to Rs 22.5 crore.
Axis Capital, IIFL Securities, Nuvama Wealth Management, and SBI Capital Markets are the book running lead managers to the issue.
SME IPOs
Two companies in the SME segment, Addictive Learning Technology and Maxposure, will launch their IPOs next week. While the issue of Maxposure opens on January 15, the public offer of Addictive Learning kicks off on January 19.
The SME IPO of Maxposure comprises fresh equity issue of 61.4 lakh shares, priced at 31-33 apiece. Investors can bid for 4,000 shares in one lot.
GYR Capital Advisors is the book running lead manager to the issue, while Bigshare Services is the registrar.
Meanwhile, Addictive Learning’s Rs 60.16 crore IPO includes fresh issue of 41 lakh shares and an offer for sale of 1.6 lakh shares. The company is offering its shares in the range of Rs 130-140.
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Narnolia Financial Services is acting as the book running lead manager and Maashitla Securities is the registrar.
