MediAssist Healthcare Services makes stock market debut with 11% premium

New Delhi [India], January 23 : The shares of MediAssist Healthcare Services listed on the exchanges on Tuesday, with an 11 per cent premium. It made its stock market debut at Rs 465 on the BSE against its initial public offering (IPO) issue price of about Rs 418.
Medi Assist Healthcare Services was initially scheduled to debut on the bourses on Monday. On Monday, Indian stock exchanges were closed for trading on the occasion of Pran Pratistha of Ram Temple in Ayodhya.
"This impressive performance followed an oversubscribed IPO by 16.25 times, further adding to the positive sentiment surrounding the health-tech firm's prospects," said Shivani Nyati, Head of Wealth, Swastika Investmart Ltd., commenting on the listing.
Medi Assist Healthcare Services is a health-tech and insurance-tech company.
"Identified concerns regarding client concentration and dependence on subsidiaries still require ongoing monitoring," Shivani Nyati added.
"This successful debut paints a brighter picture for Medi Assist, but cautious optimism is still advised. Thus, investors may book this listing gain and exit their holdings; however, those who want to hold positions are advised to keep a stop loss at issue price," Shivani Nyati further added.
Its IPO, an offer for sale, was subscribed 16.25 times, reportedly receiving bids for 31.87 crore shares against the issue size of 1.96 crore.
The portion marked for retail investors was booked 3.19 times, qualified institutional buyers (QIB) subscribed 14.85 times and high net worth individuals (HNI) 40.14 times.
Meanwhile, the broader Indian stock market traded sharply higher Tuesday and were just shy of their all-time highs.
The steam in the Indian stock market this morning was also led by the news that India has pipped Hong Kong to become the fourth-highest equity market globally. The combined value of shares listed on Indian exchanges reached USD 4.33 trillion as of Monday's close, versus USD 4.29 trillion for Hong Kong, according to data compiled by Bloomberg.
India's stock market capitalization crossed USD 4 trillion for the first time on December 5, 2023, with about half of that reportedly coming in the past four years. The top three stock markets are the US, China, and Japan.
Cumulatively, the past 12 months have been stellar for investors who parked their money in Indian stocks. Though there has been some turbulence, the calendar year 2023 gave handsome monetary dividends to stock market investors. In 2023 itself, Sensex and Nifty gained 17-18 per cent, on a cumulative basis. They gained a mere 3-4 per cent each in 2022.
Firm GDP growth forecast, inflation at manageable levels, political stability at the central government level, and signs that the central banks world over are done with their monetary policy tightening have painted a bright picture for India - which many agencies have termed to be the fastest-growing major economy.
Notably, foreign portfolio investors have again trained their sight towards India, becoming net buyers in the country's stock market. In the process, it helped Indian benchmark stock indices taste their all-time highs recently.