Medi Assist Healthcare Services, a third-party insurance administrator backed by Bessemer Ventures and Investcorp, has raised Rs 351.5 crore from anchor investors ahead of its initial public offering (IPO). The company allotted 84.08 lakh equity shares to 36 funds at Rs 418 apiece, the upper end of the price band, according to a circular uploaded on BSE’s website. At this price, the company has collected Rs 351.47 crore from anchor investors.
Notable participants in the anchor bidding 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 Rs 1,172-crore IPO will commence on January 15 and conclude on January 17. It is fully an Offer For Sale (OFS), with promoters and existing investors selling 2.8 crore equity shares. The price band for the IPO has been fixed at Rs 397-418 per share. Selling 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 across 1,069 cities and 31 states, with 35 insurers as partners. Its primary clients are insurers, and most of its business comes from group covers/corporate, where it enjoys a 30% market share. Overall, including retail, its market share is around 7%, said Chhatwal.
