Medi Assist Healthcare Services receives approval from the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). According to the DRHP, it is solely an offer for sale (OFS) of up to 2.8 crore Medi Assist equity shares by the promoters and existing shareholders.
Because the offer is entirely an OFS, no revenues will be received by the company, and all cash will be distributed to the selling shareholders. It had submitted draft papers in August of this year. Previously, the insurer had filed preliminary paperwork with SEBI in May 2021 for an IPO but postponed the first public offering due to pandemic-induced market volatility.
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 companies involved in the offer for sale.
Merchant bankers Axis Capital, Nuvama Wealth Management, IIFL Securities, and SBI Capital Markets have been appointed to advise the firm on its first initial public offering (IPO). The company stated its intention to go public in order to obtain the benefits of listing equity shares on stock exchanges and to facilitate Offer for Sale (OFS) for current shareholders.
Medi Assist is a health-tech and insurtech firm based in Bengaluru that specialises in the management of health benefits for employers, retail members, and public health programmes. It claims to be the leading health benefits administrator in terms of revenues and premiums served for health insurance plans.
The primary clientele of Third Party Administrators (TPA) is insurance firms, according to the legislation governing TPA. It also serves as a mediator between general and health insurance firms and their insured members, spanning retail, corporate, and insurer-backed public health insurance policies. It also serves as a mediator between insurance companies and healthcare providers, particularly hospitals, and facilitates communication between the government and public health system beneficiaries.
