India’s Medi Assist Healthcare files draft papers for IPO

NEW DELHI (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)