Medi Assist Healthcare has resubmitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
The company had earlier filed preliminary documents in May 2021, but delayed the public offering, citing difficult market conditions during the pandemic.
The Bengaluru-based healthtech and insurtech company said the purpose of the public offering is to realize the benefits of being listed on the stock exchange, as well as selling OFS to shareholders.
The IPO is entirely a tender offer for up to Rs 2.8 crore stakes of promoters and selling shareholders, which include Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer India Capital Holdings II Ltd, Bessemer Health Capital LLC and Investcorp Private Equity Firm Fund I.
Axis Capital, Nuvama Wealth Management, IIFL Securities and SBI Capital Markets are the merchant bankers for the IPO.
Medi Assist is registered as a third-party administrator whose primary customers are insurance companies. It also acts as an intermediary between general insurers and health insurers, insured members (retail, corporate, and insurance-backed public health insurance policies), insurers and healthcare providers (such as hospitals), and government and public health beneficiaries plan.