Medi Assist, Based in Bengaluru, Files for IPO with SEBI Again
- ByStartupStory | August 27, 2023
Medi Assist Healthcare Services, based in Bengaluru, has refiled preliminary documents with the Securities and Exchange Board of India (SEBI) to raise capital through an initial public offering (IPO). This marks the company’s second attempt at going public. Its earlier attempt in May 2021 was deferred due to challenging market conditions amid the pandemic.
The newly submitted draft red herring prospectus (DRHP) outlines that the IPO will consist entirely of an offer for sale (OFS), featuring up to 2.8 crore equity shares of Medi Assist by its promoters and existing shareholders. Prominent shareholders participating in the OFS include Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer India Capital Holdings II Ltd, Bessemer Health Capital, and Investcorp Private Equity Fund I. As the IPO is structured as an OFS, the company will not receive any proceeds, and all funds generated will go to the selling shareholders.
Medi Assist, headquartered in Bengaluru, operates as a health-tech and insurtech firm, specializing in managing health benefits for employers, retail members, and public health programs.
The decision to go public stems from the company’s aim to list its equity shares on stock exchanges and facilitate the OFS for existing shareholders. Axis Capital, Nuvama Wealth Management, IIFL Securities, and SBI Capital Markets have been appointed as merchant bankers to guide the company through the IPO process. Upon completion, the company’s equity shares will be listed on both the BSE and NSE.
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