Medi Assist gets SEBI approval to raise funds through IPO

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Medi Assist Healthcare Services gets Securities and Exchange Board of India (SEBI) approval to raise funds through initial public offering (IPO). According to DRHP, it is entirely an offer for sale (OFS) of up to 2.8 crore equity shares of Medi Assist by the promoters and existing shareholders.

Since the issue is completely an OFS, the company will not receive any proceeds and all the funds will go to the selling shareholders. It had filed its draft papers in August this year.

Earlier, the insurer had filed preliminary papers with SEBI in May 2021, for floating an IPO but deferred the maiden public issue amid pandemic-induced rough market conditions.

Entities participating in the offer for sale include Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer India Capital Holdings II Ltd, Bessemer Health Capital LLC, and Investcorp Private Equity Fund I.

Axis Capital, Nuvama Wealth Management, IIFL Securities, and SBI Capital Markets have been designated as merchant bankers to provide counsel to the company on the initial public offering (IPO).

The company expressed its intention to go public with the primary objective of gaining the advantages associated with listing equity shares on stock exchanges and facilitating Offer for Sale (OFS) for existing shareholders.

Medi Assist, headquartered in Bengaluru, operates as a health-tech and insurtech company, specializing in the management of health benefits for employers, retail members, and public health schemes. It asserts its position as the leading health benefits administrator, measured by revenues and premiums serviced for health insurance policies.

Under the regulations governing Third Party Administrators (TPA), the principal clientele comprises insurance companies. However, it also functions as an intermediary bridging the gap between general and health insurance companies and their insured members, encompassing retail, corporate, and insurance-backed public health insurance policies. Additionally, it acts as a liaison between insurance companies and healthcare providers, including hospitals, as well as facilitating communication between the government and beneficiaries of public health schemes.

 

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Published: 13 Dec 2023, 04:53 PM IST

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