Medi Assist Healthcare Services has filed preliminary papers with capital markets regulator Sebi to mobilise funds through an initial public offering (IPO).
The company is making its second effort to go public. It had previously submitted draft papers to the Securities and Exchange Board of India (Sebi) in May 2021 with the purpose of issuing an IPO, but the plan was postponed due to challenging market conditions brought on by the pandemic.
According to the fresh draft red herring prospectus (DRHP) filed on Friday, the maiden public issue is entirely an offer-for-sale (OFS) of up to 2.8 crore shares of Medi Assist by promoters and existing shareholders.
Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer India Capital Holdings II Ltd, Bessemer Health Capital LLC, and Investcorp Private Equity Fund I are among the parties selling shares in the OFS.
Since the issue is completely an OFS, the company will not receive any proceeds and all the funds will go to the selling shareholders.
The company gave a reason for going public, stating that it wanted to reap the benefits of listing equity shares on stock markets and conducting OFS for the selling shareholders.
Bengaluru-based Medi Assist is a health-tech and insurtech company focused on administering health benefits across employers, retail members, and public health schemes. As of March 31, 2023, it worked with 36 insurance companies in India and globally.
Axis Capital, Nuvama Wealth Management, IIFL Securities, and SBI Capital Markets have been appointed as merchant bankers to advise the company on the IPO. Equity shares of the company will be listed on the BSE and NSE.
