Ahead of IPO, Medi Assist mobilises Rs 351 Cr from anchor investors

Medi Assist Healthcare Services, the Bessemer Ventures and Investcorp-backed third-party insurance administrator, on Friday raised Rs 351.5 crore from anchor investors ahead of its initial public offering (IPO).

The company has allotted 84.08 lakh equity shares to 36 funds at Rs 418 apiece, which is also the upper end of the price band, according to a circular uploaded on BSE's website.

At this price, the company has collected Rs 351.47 crore from anchor investors, it added.

Those who participated in the anchor bidding include Goldman Sachs, Nomura, Jupiter India Fund, Pinebridge Global Funds, SBI Life Insurance Company, Bajaj Allianz Life Insurance Company, and Aditya Birla Sun Life Insurance Company.

Additionally, HDFC Mutual Fund (MF), Kotak Mahindra MF, Aditya Birla Sun Life MF, Edelweiss MF, Tata MF, Sundaram MF, and Bandhan MF were among the fund houses that have been allocated shares in the anchor round.

The Rs 1,172-crore IPO will commence on January 15 and conclude on January 17.

Through the issue, which is fully an Offer For Sale (OFS), promoters and existing investors will sell 2.8 crore equity shares. The price band has been fixed at Rs 397-418 per share.

The selling promoters include company chairman Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer Health Capital, and Investcorp Private Equity Fund.

Medi Assist covers over 18,000 hospitals across 1,069 cities and 31 states and has 35 insurers as partners.

Its primary clients are insurers and most of its business comes from group covers/ corporate and enjoys a 30% market share in this, Chhatwal said, adding overall, including retail, its market share is around 7%.