Medi Assist Healthcare Services is into Insurance Third Party Administration (TPA) and is looking raise funds through Offer for Sale
Medi Assist Healthcare Services IPO: Medi Assist Healthcare Services Limited has filed Draft Red Herring Prospectus (DRHP) for proposed initial public offer (IPO) and raise funds through an offer of equity share capital having face value of Rs. 5 per share via initial public offering.
Initial Public Offer comprising of a Offer for Sale of up to 28,028,168 Equity Shares. Axis Capital, IIFL Securities, Nuvama Wealth Management, SBI Capital Markets have been appointed as lead merchant bankers for the proposed IPO. It has appointed Link Intime India Pvt. Ltd. as Registrar and Share transfer Agent. Company is yet to finalize issue size and some other important details relating to the IPO.
Details about upcoming IPO:
As per the details available in DRHP, fundraising will consist of an Equity Shares offer-for-sale (OFS) of up to 28,028,168 equity shares by Dr. Vikram Jit Singh Chhatwal, Medimatter Health Management Private Limited, Bessemer Health Capital LLC, Investcorp Private Equity Fund I, Vivek Pandit, Rahul M Khanna, Shankar Rao Palepu (jointly with Palepu Neena Rao), Pramod Manohar Ahuja (jointly with Jyoti Ahuja), Keshav Sanghi (jointly with Vinita Keshav Sanghi) and Amit kumar Gajendrakumar Patni (jointly with Ruchi Amit kumar Patni) who will offload Up to 2,539,092 Equity Shares, up to 12,468,592 Equity Shares, Up to 6,606,084 Equity Shares, Up to 6,275,706 Equity Share, Up to 26,382 Equity Shares, Up to 22,613 Equity Shares, Up to 17,337 Equity Share, Up to 17,337 Equity Shares, Up to 17,337 Equity Shares and Up to 13,568 Equity Share...
Objects of the issue:
1) to carry out the Offer for Saleof up to 28,028,168Equity Shares by the Selling Shareholders, and 2) achieve the benefits of listing the Equity Shares on the Stock Exchanges.
About Company:
Established in are India’s largest health benefits administrator in terms of revenues in the Financial Years 2021, 2022 and 2023 (Source: F&S Report). Our primary clients are insurance companies; however, we also serve as an intermediary between (a) general and health insurance companies and the insured members, (b) insurance companies and healthcare providers (such as hospitals), and (c) the Government and beneficiaries of public health schemes. For the Financial Year2022, our total revenues accounted for 24.89%, our EBITDA accounted for 40.88%, and our profit after tax accounted for 55.31%, of the Indian health benefits administration industry revenue, EBITDA and profit after tax, respectively (Source: F&S Report).
About Industry:
A TPAis an organization thatprocessesinsurance claims on behalf of insurance companies. TPAs were envisaged as a link between the insurer, healthcare service provider, and the policy holder.The insurers are expected to take risks, set the premium rates, and undertake the marketing and enrolment, while TPAs are expected to take over the claims processing function. As of March 2023, 17 TPAs operate in India, providing services to public and private health insurance companies. Their services help improve efficiency and reduce costs for insurance companies while providing valuable support and assistance to policyholders (Source: F&S Report)
Source: SEBI, BSE, NSE, DRHP, Company, Industry Data
Disclaimer: Above article only publishes details about the IPO for educational purpose and doesn't solicit or invite any interest to invest. Please visit respective sources to verify and know more details about the IPO. We advise investors to take opinion from certified/SEBI registered experts before taking any investment decisions.
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