Ahead of the IPO, Medi Assist is mobilizing Rs 351 crore from major investors

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

The company has allotted 84.08 lakh shares to 36 funds at Rs 418 each, 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 major 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.

Besides, 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 to which shares were allotted in the anchor round.

The Rs 1,172 crore IPO will start on January 15 and end on January 17.

Through the issue, which is entirely an Offer For Sale (OFS), promoters and existing investors will sell 2.8 crore shares. The price range 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 in 1,069 cities and 31 states and has 35 insurers as partners.

Its main customers are insurers and most of the business comes from group insurance/corporations and has a market share of 30 percent, Chhatwal said. Overall, its market share, including retail, is approximately 7 percent.

First print: January 13, 2024 | 12:08 pm IST