Medi Assist Healthcare Services, a health benefits administrator based in Bengaluru, has updated its draught documents with the capital markets watchdog SEBI in order to raise money through an IPO.Only 2.8 crore shares offered for sale (OFS) by the promoters and investors are included in the public offering. Consequently, the corporation won’t profit financially from the deal.
The promoters of Medi Assist include Dr. Vikram Jit Singh Chhatwal, Medimatter Health Management, and Bessemer Health Capital LLC.
Chhatwal will sell all of its own shares in the company—25.39 lakh shares, or 3.61 percent—as well as the 5.37 lakh shares it has jointly with Medimatter Health Management through OFS.
BICH-II (Bessemer India Capital Holdings II) and Bessemer Health Capital LLC together own 44.51 percent of the company’s shares. Medimatter Health Management will sell 1.24 crore shares (including Chhatwal’s shares) and 66.06 lakh shares via OFS.
In contrast to its present shareholding of 1.49 crore shares or 21.18 percent, Investor Investcorp Private Equity Fund I, a unit scheme of Investcorp Infrastructure Fund 1 managed by Investcorp India Asset Managers, will sell 62.75 lakh shares via the OFS. Other selling stockholders in the OFS include Vivek Pandit, Rahul M Khanna, Shankar Rao Palepu, Pramod Manohar Ahuja, Keshav Sanghi, and Amitkumar Gajendrakumar Patni.
It will be the first initial public offering (IPO) by an insurance TPA (third-party administrator) in the nation if the listing strategy is successful.