Medi Assist Healthcare Services has secured approval from the Securities and Exchange Board of India (SEBI) to conduct an initial public offering (IPO) to raise funds. The IPO is structured as an offer for sale (OFS), involving the sale of up to 2.8 crore equity shares by the promoters and existing shareholders of Medi Assist.
As an OFS, the funds generated from the IPO will entirely benefit the selling shareholders, and the company will not receive any proceeds. The company had initially filed its draft papers in August of the current year. A previous attempt to launch an IPO was deferred in May 2021 due to challenging market conditions amid the COVID-19 pandemic.
Key entities participating in the OFS include Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer India Capital Holdings II Ltd, Bessemer Health Capital LLC, and Investcorp Private Equity Fund I.
Merchant bankers Axis Capital, Nuvama Wealth Management, IIFL Securities, and SBI Capital Markets have been appointed to guide the company through the IPO process.
**Company Overview:**
Headquartered in Bengaluru, Medi Assist operates as a health-tech and insurtech company, specializing in health benefits management for employers, retail members, and public health schemes.
The company holds a prominent position as a leading health benefits administrator in terms of revenues and premiums serviced for health insurance policies.
Primarily serving insurance companies under Third Party Administrator (TPA) regulations, Medi Assist acts as an intermediary between general and health insurance companies and their insured members. The company facilitates communication between insurance firms and healthcare providers, including hospitals, while also bridging the gap between the government and beneficiaries of public health schemes.
The IPO’s primary objective for Medi Assist is to leverage the advantages of listing equity shares on stock exchanges and facilitate an Offer for Sale (OFS) for existing shareholders, supporting the company’s growth and expansion plans in the health-tech and insurtech sectors.
