MUMBAI – Medi Assist Healthcare Services Ltd, backed by Bessemer Health Capital, has filed draft papers with the Securities and Exchange Board of India (Sebi), in its second attempt to launch an initial public offering.
The IPO is a complete offer for sale, wherein promoters and other shareholders plan to sell 28,028,168 shares of the company. If the IPO sails through this time, Medi Assist will be the first insurance third-party administrator (TPA) in India to be listed.
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Promoter Vikram Jit Singh Chhatwal and promoter group entities Medimatter Health Management and Bessemer Health Capital will issue part of their stake in the IPO.
Chhatwal owns 3.69% stake in the company, while Medimatter and Bessemer hold 27.94% and 35.92% stake, respectively.
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.
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According to the draft prospectus, Medi Assist is the largest health benefits administrator in India in terms of premium under management for retail and group policies, with a market share of around 42% of the group health insurance market, as of FY22.
As of March this year, the company worked with 36 insurance companies in India and globally.
The company has developed a pan-India network, which comprises 14,301 hospitals across 967 cities and towns and 32 states (including union territories) in India.
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“We continue to explore opportunities for growth in order to consolidate our leadership position and further expand our market share through strategic M&A activity,” the company said in the draft paper.
For FY23, the company reported a total income of Rs 519 crore and a net profit of Rs 75.3 crore. The Return on Equity was 19.63% as of March-end, compared to 18.71% in the preceding year period.
Axis Capital, IIFL Securities, Nuvama Wealth Management, and SBI Capital Markets are the book running lead managers to the issue.
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