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Medi Assist files IPO papers with Sebi again; public issue entirely an OFS

Medi Assist Healthcare Services has filed preliminary papers with the capital markets regulator Sebi to raise funds through an initial share sale.

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Press Trust of India New Delhi

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Medi Assist Healthcare Services has filed preliminary papers with the capital markets regulator Sebi to raise funds through an initial share sale.

This is the company's second attempt to go public.

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Earlier, it had filed draft papers with the Securities and Exchange Board of India (Sebi) in May 2011, for floating an IPO but deferred the maiden public issue amid pandemic-induced rough market conditions.

According to the fresh draft red herring prospectus (DRHP) filed on Friday, the initial public offering (IPO) is entirely an offer for sale of up to 2.8 crore equity shares of Medi Assist by promoters and existing shareholders.

 

Those selling shares 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.

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.

Axis Capital, Nuvama Wealth Management, IIFL Securities, and SBI Capital Markets have been appointed as merchant bankers to advise the company on the IPO.

The equity shares of the company will be listed on the BSE and NSE.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Aug 26 2023 | 1:37 PM IST

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