New Delhi, May 11 Medi Assist Healthcare Services has filed preliminary papers with capital markets regulator Securities and Exchange Board of India (Sebi) to float an initial share-sale.The initial public offer (IPO) is entirely an offer of sale of up to 28,028,168 equity shares of Medi Assist by promoters and existing shareholders, according to the draft red herring prospectus.
Those selling shares in the offer for sale include Dr Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer India Capital Holdings II Ltd, Bessemer Health Capital LLC and Investcorp Private Equity Fund I.Bengaluru-based Medi Assist is a healthtech and insurtech company focused on administering health benefits across employers, retail members and public health schemes.As per the draft papers, the company managed Rs 7,829.5 crore of health insurance premiums for the financial year 2020.For the nine month ended December 2020, the company reported a total income of Rs 257.44 crore against Rs 245.16 crore a year ago. Its profit after tax was at Rs 33.09 crore for the nine months ended December 2020 as compared to Rs 31.04 crore in the same period last year.Axis Capital, Edelweiss Financial Services, IIFL Securities and SBI Capital Markets have been appointed as merchant bankers to advice the company on the IPO.
