Bulk deal: Goldman Sachs, other marquee funds buy stakes in Medi Assist Healthcare post-listing

Marquee foreign funds, including Goldman Sachs and Nomura, have picked up stakes in Medi Assist Healthcare, which debuted at the bourses on Tuesday.
While Goldman Sachs has invested about Rs 72 crore for 15 lakh shares, Nomura India Stock Mother Fund has picked up 5 lakh shares for about Rs 23 crore through bulk deals.

Other funds which bought stakes in the leading third party administrator include Canara Robeco MF, BNP Paribas Arbitrage, White Oak Capital MF.

Earlier on Tuesday, the shares of Medi Assist Healthcare listed at 11.2% premium on the BSE. The IPO received a healthy subscription of nearly 16 times.

Analysts said Medi Assist Healthcare Services is a well-established, health-tech and insurance-tech company, but the identified concerns regarding client concentration and dependence on subsidiaries still require ongoing monitoring.

“The successful debut paints a brighter picture for Medi Assist, but cautious optimism is still advised. Investors may book exit their holdings, post the listing. However, those who want to hold positions are advised to keep a stop loss at issue price,” said Shivani Nyati, Head of Wealth, Swastika Investmart.

The company will not receive any funds from the IPO since it is completely an OFS and the entire proceeds will go to the selling shareholders.Medi Assist is a health and insurance tech company that manages health benefits for employers, individual members and public systems that primarily serve insurance companies. Founded in 2002, the company acts as an intermediary between insurers, and healthcare operators, providing health insurance and cash insurance across more than 14,000 hospitals in India.

The company offers services to 78% of the Nifty 50 companies and 35% of the BSE500 companies.

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.

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