The Rs 1,171-crore initial public offering (IPO) of insurance-tech company Medi Assist Healthcare will open today for public subscription.

The price band is Rs 397-418 and the market lot is 35 shares. The public issue is scheduled to close on January 17.

The issue is entirely an offer for sale (OFS) of 2.8 crore shares by the existing shareholders.

Promoters Dr. Vikram Jit Singh Chhatwal and Bessemer Health Capital LLC plan to exit the company by selling their entire personal shareholding through IPO. Medimatter Health Management, owned by Vikram Jit Singh Chhatwal and his wife Savitri Choudhury, will offload 1,24,68,592 equity shares. The remaining 62,75,706 shares of investor Investcorp Private Equity Fund I, part of Bahrain-based Investcorp Group, will also be sold in the OFS. Nine other shareholders will collectively sell 1,38,694 equity shares via OFS.

While 50 per cent of the offer is reserved for qualified institutional buyers, 15 per cent is for non-institutional investors (NIIs) (or high net-worth individuals), and the remaining 35 per cent for retail investors.

As part of IPO, the Bengaluru-based health insurance third-party administrator, on Friday secured Rs 351.5 crore feom anchor investors.

Among the marquee anchor investors include Nomura Trust, Goldman Sachs, Ashoka Whiteoak, Pinebridge Global Funds, Troo Capital, and HSBC. Domestic investors such as HDFC Mutual Fund, Kotak Mahindra Trustee, Aditya Birla Sun Life Trustee, SBI Life Insurance Company, Mirae Asset, Canara Robeco Mutual Fund, Tata Mutual Fund, Sundaram Mutual Fund, Bandhan Mutual Fund, Edelweiss Trusteeship, Bajaj Allianz Life Insurance Company, Max Life Insurance Company, and SBI General Insurance Company also participated in the anchor book.

The company is a third-party administration (TPA) services provider to insurance companies and offers offers medical insurance and cashless hospitalisation through a network of healthcare service providers.

Axis Bank Limited, IIFL Securities Ltd, Nuvama Wealth Management Limited and SBI Capital Markets Limited are the book running lead managers of the Medi Assist Healthcare IPO, while Link Intime India Private Ltd is the registrar for the issue.