India's Medi Assist Healthcare files draft papers for IPO

IIFL Capital Services

26/08/2023 13:41

NEW DELHI, Aug 26 (Reuters) - Medi Assist Healthcare
Services has filed draft papers with the capital markets
regulator Securities and Exchange Board of India for an initial
public offering (IPO).
    The move by Medi Assist, its second attempt at a public
listing, comes as investors are increasingly bullish on the
medical insurance sector with sales of products on the rise
since the COVID-19 pandemic.
    The company is offering to sell up to 28 million equity
shares held by investors, including its founder Vikram Jit Singh
Chhatwal and Bessemer Health Capital, in the open market, which
will give some of its investors an exit. 
    The company, which does not plan to raise fresh funds
through the IPO, said it will decide the price of shares for
sale after consulting with banks, according to the draft papers
filed with the market regulator on Saturday.
    Axis Capital and IIFL Securities are among the book running
lead managers for the IPO, which also comes as investors are
increasingly getting bullish on India's hospital space.
    Medi Assist is an intermediary between health insurers and
individuals as well as healthcare providers.

 (Reporting by Sethuraman N R in Bengaluru and Aditi Shah in New
Delhi; Editing by Mike Harrison)
 ((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023;
Reuters Messaging: twitter: @aditishahsays))