Bessemer, Investcorp Cash Out Rs 536 Crore Ahead of Medi Assist IPO

12 Jan 2024 , 09:40 AM

Promoter Bessemer India Capital Holdings II and investor Investcorp Private Equity Fund I have decreased their shareholding in Medi Assist Healthcare Services in preparation for the anchor book and IPO opening. On January 10, they collectively sold shares worth Rs 536 crore in the company.

Bessemer India Capital Holdings II, the largest shareholder and one of the promoters, transferred 41,86,500 equity shares (equivalent to 6.08% of the pre-offer equity share capital) in Medi Assist to Denmark-headquartered Novo Holdings A/S at Rs 418 per share. The transaction amounted to Rs 175 crore. Consequently, Novo Holdings A/S becomes the new public shareholder in the company, and Bessemer India Capital’s shareholding has reduced to 29.84%.

Investcorp Private Equity Fund I also divested its shares, transferring 86,34,746 equity shares (12.54% of the pre-offer equity capital) at the same price to various investors, resulting in a sale of Rs 360.93 crore. The shareholding of Investcorp in Medi Assist has now decreased from 21.65% to 9.11% of the pre-offer equity capital.

The combined sale of Bessemer and Investcorp shares amounts to 18.62% of the pre-offer equity capital of the company. Notably, the Investcorp sale shares are separate from the equity shares proposed for sale by Investcorp in the offer-for-sale (OFS).

Investcorp is set to sell the remaining 62,75,706 equity shares in the OFS during January 15-17, effectively exiting Medi Assist after the IPO. The total proceeds from Investcorp’s stake sale are expected to be approximately Rs 623.3 crore, with a significant profit of nearly Rs 537 crore.

Medi Assist Healthcare Services is preparing for its IPO, which is entirely an offer-for-sale (OFS) by existing shareholders. The IPO is set to open from January 15-17, with a price band of Rs 397-418 per share. The anchor book will be open for a day on January 12. The company aims to raise Rs 1,171.58 crore through the IPO.