Medi Assist Healthcare IPO price band fixed at Rs 397-418 apiece
In the OFS, promoter Vikram Jit Singh Chhatwal and promoter group entities Medimatter Health Management and Bessemer Health Capital will offload part of their stakes in the IPO. Chhatwal owns 3.69% stake in the company, while Medimatter and Bessemer hold 27.94% and 35.92% stakes, respectively.
Investors can bid for 35 shares in one lot and in multiples thereafter.
About 50% of the offer is reserved for qualified institutional buyers (QIBs), 35% for retail investors and 15% for non-institutional investors.
On listing, Medi Assist will be the first insurance third-party administrator (TPA) in India to hit the Street.
The post-issue implied market cap will be around Rs 2,878 crore.
The company will not receive any funds from the IPO since it is completely an OFS and the entire proceeds will go to selling shareholders.
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Investcorp Private Equity Fund, which is the single largest non-promoter shareholder in the company with a 21.65% stake, will also sell part of its shares in the IPO-cum-OFS.
Other selling shareholders include Vivek Pandit, Rahul M Khanna, Shankar Rao Palepu, Pramod Manohar Ahuja, Keshav Sanghi, Amitkumar Gajendrakumar Patni, Arihant Patni, Jyoti Ahuja and Ranjan Surajprakash.
Medi Assist Healthcare provides third-party administration services to insurance companies through its wholly-owned subsidiaries. A third-party administrator is an organization that processes health insurance claims for insurance companies and provides services such as policy administration, customer service and network management, among others.
The company is the largest health benefits administrator in India
