Bengaluru based health-tech Medi Assist files IPO papers with Sebi again

Medi Assist Healthcare Services has filed preliminary papers with capital markets regulator Sebi to mobilise funds through an initial public offering (IPO).

This is the company's second attempt to go public. Earlier, it had filed draft papers with the Securities and Exchange Board of India (Sebi) in May 2021, for floating an IPO but deferred the plan amid pandemic-induced rough market conditions.

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.

Those selling shares 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.

Since the issue is completely an OFS, the company will not receive any proceeds and all the funds will go to the selling shareholders.

Explaining the reason for going public, the company said it is aimed at achieving the benefit of listing equity shares on the stock exchanges and carrying out 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.