Medi Assist Healthcare Services Ltd has filed Draft Red Herring Prospectus (DRHP) for its initial public offering (IPO) with the Securities and Exchange Board of India (SEBI). The firm plans to raise Rs 850 crore through the share sale.
The Bengaluru-based healthcare company's IPO consists of a pure offer for sale (OFS) of 2.8 crore equity shares by Dr. Vikram Jit Singh, Medimatter Health management, Bessemer Health Capital LLC, and Investcorp Pvt. ATE Equity Fund.
Medi Assist Healthcare Services Ltd is a HealthTech and InsurTech company focused on administering health benefits across employers, retail members, and public health schemes.
For the financial year 2020, the company managed Rs 7,829.5 crore of health insurance premiums. As of December 31, 2020, 48,892 insurance agents and 106 brokers were registered with the firm.
According to a report, Medi Assist has become the country's largest health benefits administrator in terms of revenue and premium services for health insurance policies in the past three years.
The company reported a consolidated net profit of Rs 33.09 crore for the quarter ended December 2020. Profit in the year-ago period stood at Rs 31.04 crore. Total income stood at Rs 257.44 crore against Rs 245.16 crore a year ago.
The merchant bankers to the issue are Axis Capital, Edelweiss Financial Services, IIFL Securities, and SBI Capital Markets. Link Intime India is the registrar to the issue.