Bengaluru-based Medi Assist files for IPO again with SEBI
In May 2021, Medi Assist had submitted preliminary documents to SEBI. However, due to challenging market conditions caused by the pandemic, the company chose to postpone its first public offering.
Medi Assist Healthcare Services has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial share sale.
This is the company's second attempt to go public.
Earlier, in May 2021, it had filed draft papers with the Securities and Exchange Board of India (Sebi) for floating an IPO, but deferred the maiden public issue amid pandemic-induced rough market conditions.
According to the fresh draft red herring prospectus (DRHP) filed on Friday, the initial public offering (IPO) is entirely an offer for sale of up to 2.8 crore equity shares of Medi Assist by promoters and existing shareholders.
Those selling shares in the offer for sale include Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer India Capital Holdings II Ltd, Bessemer Health Capital, and Investcorp Private Equity Fund I.
Since the issue is completely an OFS, the company will not receive any proceeds and all the funds will go to the selling shareholders.
Explaining the reason for going public, the company said it is aimed at achieving the benefit of listing equity shares on the stock exchanges and carrying out OFS for the selling shareholders.
Bengaluru-based is a health-tech and insurtech company focused on administering health benefits across employers, retail members, and public health schemes.
Axis Capital, Nuvama Wealth Management, IIFL Securities, and SBI Capital Markets have been appointed as merchant bankers to advise the company on the IPO.
The equity shares of the company will be listed on the BSE and NSE.
Edited by Megha Reddy
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