News update
- Frommridul | January 13, 2024
Medi Assist Healthcare Services, a third-party insurance manager backed by Bessemer Ventures and Investcorp, has raised Rs 351.5 million from anchor investors ahead of its initial public offering (IPO). According to a circular uploaded on the BSE website, the company allotted 84.08 lakh shares to 36 funds at Rs 418 apiece, which is the upper end of the price range. At this price, the company has raised Rs 351.47 crore from anchor investors.
Notable participants in the anchor bid include Goldman Sachs, Nomura, Jupiter India Fund, Pinebridge Global Funds, SBI Life Insurance Company, Bajaj Allianz Life Insurance Company and Aditya Birla Sun Life Insurance Company. HDFC Mutual Fund (MF), Kotak Mahindra MF, Aditya Birla Sun Life MF, Edelweiss MF, Tata MF, Sundaram MF and Bandhan MF were among the other fund houses that participated.
The IPO worth Rs 1,172 crore will begin on January 15 and close on January 17. It is entirely an Offer For Sale (OFS) with promoters and existing investors selling shares worth ₹2.8 crore. The price range for the IPO has been set at Rs 397-418 per share. Promoters include company chairman Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer Health Capital and Investcorp Private Equity Fund.
Medi Assist Healthcare Services covers over 18,000 hospitals in 1,069 cities and 31 states, with 35 insurer partners. Its main customers are insurers and the majority of its business is group insurance/corporate, where it has a 30% market share. Overall, including retail, the market share is around 7%, said Chhatwal.
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