Medi Assist Healthcare Services Secures Rs 351.5 Crore in Anchor Book; IPO Opens on January 15

14 Jan 2024 , 03:03 PM

Medi Assist Healthcare Services, a Bengaluru-based health insurance third-party administrator, successfully secured Rs 351.5 crore through its anchor book issue ahead of its upcoming IPO. The public issue is scheduled to open on January 15 and close on January 17.

Notable names among the anchor investors include Nomura Trust, Goldman Sachs, Ashoka Whiteoak, Pinebridge Global Funds, Troo Capital, and HSBC. Domestic investors such as HDFC Mutual Fund, Kotak Mahindra Trustee, Aditya Birla Sun Life Trustee, SBI Life Insurance Company, Mirae Asset, Canara Robeco Mutual Fund, Tata Mutual Fund, Sundaram Mutual Fund, Bandhan Mutual Fund, Edelweiss Trusteeship, Bajaj Allianz Life Insurance Company, Max Life Insurance Company, and SBI General Insurance Company also participated in the anchor book.

Medi Assist Healthcare Services, backed by Bessemer India Capital, aims to raise Rs 1,171.6 crore through its IPO, offering 2.8 crore equity shares. The price band for the offer is set at Rs 397-418 per share.

The fundraising plan consists solely of an offer for sale (OFS) by existing shareholders, with no fresh issue component. Consequently, the proceeds from the issue, excluding IPO expenses, will go to the selling shareholders.

Promoters Dr. Vikram Jit Singh Chhatwal and Bessemer Health Capital LLC plan to exit the company by selling their entire personal shareholding. Additionally, Medimatter Health Management, owned by Vikram Jit Singh Chhatwal and his wife Savitri Choudhury, will offload 1,24,68,592 equity shares. The remaining 62,75,706 shares of investor Investcorp Private Equity Fund I, part of Bahrain-based Investcorp Group, will also be sold in the OFS. Nine other shareholders will collectively sell 1,38,694 equity shares via OFS.

On January 10, Investcorp sold 86,34,746 equity shares, and Bessemer India Capital Holdings II, the promoter entity, sold 41,86,500 equity shares of Medi Assist ahead of the IPO opening. Their current shareholding in the company stands at 9.11% and 29.84%, respectively.