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Medi Assist Healthcare has refiled its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offer (IPO).
It had earlier filed preliminary papers in May 2021, but deferred the public issue citing difficult market conditions during the pandemic.
The public issue is aimed at realising the benefits of listing on the stock exchanges, and an OFS for selling shareholders, the Bengaluru-based health-tech and insurtech company said.
The IPO is entirely an offer-for-sale of up to 2.8 crore equity shares of the promoters and selling shareholders, including Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer India Capital Holdings II Ltd, Bessemer Health Capital LLC, and Investcorp private equity fund I.
Axis Capital, Nuvama Wealth Management, IIFL Securities, and SBI Capital Markets are the merchant bankers to the IPO.
Registered as a third-party administrator, Medi Assist’s primary clients are insurance companies. It also serves as an intermediary between general and health insurance companies, and the insured members (under retail, corporate and insurance backed public health insurance policies), insurance companies and healthcare providers (such as hospitals), and the government and beneficiaries of public health schemes.
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