Medi Assist files initial papers for IPO

Our Bureau, Mumbai | Updated on May 11, 2021

Aims to raise ₹Rs 850 crore

Bengaluru-based healthtech and insurtech company Medi Assist Healthcare Services has filed early papers with market regulator for an initial public offering (IPO) which will be through an entire offer for sale (OFS).

The offer is being made through the book-building process, and the company intends to raise ₹850 crore through the issue, sources close to the development said.

The public issue will be entirely an OFS of up to 2.8 crore shares by promoters and existing 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, according to the Draft Red Herring Prospectus (DRHP) filed with SEBI.

The IPO being entirely through an OFS mode, the company will not receive any proceeds as all the such proceeds will go to the selling shareholders.

Axis Capital, Edelweiss Financial Services, IIFL Securities and SBI Capital Markets are the book-running lead managers and Link Intime India is the registrar to the issue.

Medi Assist is a technology-led company in the health insurance ecosystem. Under the third-party administrator regulations, its primary clients are insurance companies, while its also serves as an intermediary between general and health insurance companies and the insured members.

“We are India’s largest health benefits administrator in terms of revenues and premium serviced for health insurance policies for the financial years 2018, 2019 and 2020. (Source: F&S Report). We managed ₹7,829.5 crore of health insurance premiums for the financial year 2020,” it said in the DRHP.

For the nine-month period ended December 2020, the company posted a net profit of ₹33.09 crore, compared to ₹31.04 crore in the same period of previous year. Its total total income for the reporting period stood at ₹257.44 crore, up from ₹245.16 crore posted during the first nine months of previous year.


Published on May 11, 2021

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