The Busy Brains
27 Aug 2023
Bengaluru-based healthcare services provider, Medi Assist Healthcare Services, has refiled its draft red herring prospectus (DRHP) with SEBI for an initial share sale, as it seeks to secure funds through the capital market.
Bengaluru-based healthcare services provider, Medi Assist Healthcare Services, has refiled its draft red herring prospectus (DRHP) with SEBI for an initial share sale, as it seeks to secure funds through the capital market.
After an initial DRHP filing in May 2021, the company postponed its public issue due to challenging market conditions. This renewed effort reflects their confidence in the current market sentiment.
The upcoming initial public offering (IPO) will comprise a complete offer for sale of up to 2.8 crore equity shares by the company's existing shareholders and promoters. Notably, the company itself will not receive any proceeds from the IPO, as all funds generated will go to the selling shareholders.
Prominent investors such as Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer India Capital Holdings II Ltd, Bessemer Health Capital LLC, and Investcorp Private Equity Fund I will participate in the offer for sale (OFS) by selling their shares.
To ensure a smooth IPO process, Medi Assist has enlisted Axis Capital, Nuvama Wealth Management, IIFL Securities, and SBI Capital Markets as merchant bankers to provide advisory services.
Medi Assist Healthcare Services operates as a health-tech and insurtech firm, specializing in administering health benefits for employers, retail members, and public health schemes. The IPO reflects the company's strategic move to raise capital and expand its presence in the evolving healthcare landscape.