Medi Assist Healthcare Services IPO; Third Party Administration (TPA) company IPO to begin from January 15; Key Details here

Medi Assist Healthcare Services is into Insurance Third Party Administration (TPA) and is looking for an IPO through Offer for Sale

Medi Assist Healthcare Services to raise around Rs 1,172 crores via an Offer for Sale of 28,028,168 Equity Shares through public issue IPO IPO

Medi Assist Healthcare Services IPO is a public offering of shares by Dr. Vikram Jit Singh Chhatwal, Medimatter Health Management Private Limited and Bessemer India Capital Holdings II Ltd.. The IPO will open on January 15 and will close on January 17. The price band is ₹397 to ₹418 per share and the lot size is 35 shares. The issue size is ₹1,171.58 crore. The shares are expected to be listed on NSE, BSE on January 22 (^). Some additional information that you may find useful are: : (**) - based on higher price band (^) indicative date

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Key Pointers of Medi Assist Healthcare Services IPO:

Promoters of the company are Dr. Vikram Jit Singh Chhatwal, Medimatter Health Management Private Limited and Bessemer India Capital Holdings II Ltd. Currently promoters hold 77.14% stake in the company. While post-equity promoters stake will be 45.75%

• Company aims to raise between Rs 1,113 to 1,172 crs through this IPO.
• The net proceeds of the issue will be utilized to 1) to carry out the Offer for Saleof up to 28,028,168 Equity Shares by the Selling Shareholders and 2) achieve the benefits of listing the Equity Shares on the Stock Exchanges
• Anchor bidding is expected to commence one day prior to the IPO dates. Tentative anchor bidding date would be 12-Jan-24.
• Price band for the IPO has been fixed at Rs 397 to 418 per share and bid lot are in multiple of 35 shares. The implied market cap post-issue at Rs 2,734 to 2,878 crs.
• As per the tentative schedule, allotment date of this IPO is most likely on January 18 and share are expected to be listed on NSE, BSE on January 22.
• There are no listed companies in India that engage in a business similar to that of the Company and its Subsidiaries. Hence it is not possible to provide peer names.
• Axis Capital, IIFL Securities, Nuvama Wealth Management, SBI Capital Markets has been appointed as Merchant Banker to the issue. Link Intime India Pvt. Ltd. has been appointed as official registrar of the issue.

About Medi Assist Healthcare Services Limited

Medi Assist Healthcare Services Limited

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).

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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, IPO Status, 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.