Medi Assist IPO to open on January 15

Medi Assist IPO to open on January 15

Medi Assist Healthcare Services, which offers third-party administration services to insurance firms, is set to open its Initial Public Offering (IPO) on January 15.

The maiden public issue will conclude on January 17 and the bidding for anchor investors will open for a day on January 12, according to the Red Herring Prospectus (RHP).

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 LLC, and Investcorp Private Equity Fund I.

Since the issue is completely an Offer For Sale (OFS), the company will not receive any proceeds and all the funds will go to the selling shareholders.

Bengaluru-based Medi Assist is a health-tech and insurtech company focused on administering health benefits across employers, retail members, and public health schemes.

The company’s primary clients are insurance companies, it also serves as an intermediary between general and health insurance companies the insured member’s insurance companies and healthcare providers (such as hospitals), and the government and beneficiaries of 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 the NSE.