Medi Assist Healthcare Services, a Bengaluru-based health insurance third-party administrator, has successfully raised Rs 351.5 crore through its anchor book issue ahead of its upcoming Initial Public Offering (IPO). The IPO is scheduled to open on January 15 and close on January 17.
Prominent names among the anchor investors include Nomura Trust, Goldman Sachs, Ashoka Whiteoak, Pinebridge Global Funds, Troo Capital, and HSBC. Additionally, domestic investors like HDFC Mutual Fund, Kotak Mahindra Trustee, Aditya Birla Sun Life Trustee, SBI Life Insurance Company, Mirae Asset, Canara Robeco Mutual Fund, Tata Mutual Fund, Sundaram Mutual Fund, Bandhan Mutual Fund, Edelweiss Trusteeship, Bajaj Allianz Life Insurance Company, Max Life Insurance Company, and SBI General Insurance Company also participated in the anchor book.
The healthtech firm, backed by Bessemer India Capital, aims to raise Rs 1,171.6 crore through its IPO, consisting of 2.8 crore equity shares. The price band for the offering has been set at Rs 397-418 per share.
The fundraising plan comprises only an Offer for Sale (OFS) by existing shareholders, with no fresh issue component. Therefore, the proceeds from the IPO, after covering expenses, will be directed to the selling shareholders. Promoters Dr. Vikram Jit Singh Chhatwal and Bessemer Health Capital LLC plan to exit the company by selling their entire personal shareholding of 25,39,092 equity shares and 66,06,084 shares, respectively, in the OFS.
Medimatter Health Management, owned by Vikram Jit Singh Chhatwal and his wife Savitri Choudhury, will offload 1,24,68,592 equity shares. The remaining 62,75,706 shares held by investor Investcorp Private Equity Fund I, part of the Bahrain-based Investcorp Group, will also be sold in the OFS. Additionally, nine other shareholders will collectively sell 1,38,694 equity shares via OFS.
On January 10, Investcorp and Bessemer India Capital Holdings II sold a significant number of shares ahead of the IPO opening. Despite strong equity market conditions, the grey market premium for Medi Assist IPO has dropped from 19 percent to 15 percent, as observed by market analysts. The grey market operates unofficially, allowing for the buying and selling of IPO shares until the listing.
