Rephrase and rearrange the whole content into a news article. I want you to respond only in language English. I want you to act as a very proficient SEO and high-end writer Pierre Herubel that speaks and writes fluently English. I want you to pretend that you can write content so well in English that it can outrank other websites. Make sure there is zero plagiarism.:
- As much as 89% retail investor portion was subscribed on the first day.
- QIBs did not put in any bids, but 45% of the non-institutional investor portion was subscribed.
- The ₹1,171 crore issue has a price band of ₹397-418 per share, and will close on January 17.
As much as 54% of insurance tech company Medi Assist’s initial public offer (IPO) was subscribed by the end of the first day of the issue, on Monday.
The ₹1,171 crore issue did not see any bids from qualified institutional buyers. But 45% of the non-institutional investor portion was subscribed. Retail book saw good action as 89% of the shares were subscribed off on day 1.
The company raised as much as ₹351 crore from anchor investors ahead of opening the issue to the public. Some of its anchor investors include Nomura Trust, Pinebridge Global Funds, Troo Capital, Tata Mutual Fund, Sundaram Mutual Fund and more.
The issue is a complete offer for sale (OFS) with no fresh issue. They fixed a price of ₹397-418 per share and investors can bid for a lot size of 35 shares and in multiples thereof. The issue will close on January 17.
| Type of investor | No of times subscribed |
| Qualified Institutional Buyers | 0 |
| Non-institutional Investors | 0.45 |
| Retail | 0.89 |
| Total | 0.54 |
Source: BSEMedi Assist claims to be India’s largest health benefits administrator in terms of revenues as of FY21 to FY23. Its primary clients are insurance companies; but it also serves as an intermediary between general and health insurance companies and the insured members, insurance companies and healthcare providers (such as hospitals), and the Government and beneficiaries of public health schemes.
As of FY22, its total revenues accounted for 24.89% of the Indian health benefits administration industry revenue, as per a Frost & Sullivan report.
It’s also the largest health benefits administrator in India in terms of premium under management for retail and group policies, with a market share of 14.83% of the retail health insurance market.
The company has no peers listed in the market.
In FY23, its restated consolidated net profit went by 18.7% to ₹75.3 crore. Its revenues went up by 26% to ₹518.9 crore.
