Medi Assist Healthcare Services Raises Rs 351.5 Crore from Anchor Investors Ahead of IPO

New Delhi, January 12: Medi Assist Healthcare Services, a third-party insurance administrator backed by Bessemer Ventures and Investcorp, has successfully raised Rs 351.5 crore from anchor investors in preparation for its upcoming initial public offering (IPO). The company allotted 84.08 lakh equity shares to 36 funds at a price of Rs 418 per share, which represents the upper end of the price band.

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Anchor Investors

Several prominent financial institutions and mutual funds participated in the anchor bidding process, including 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. Additionally, HDFC Mutual Fund, Kotak Mahindra MF, Aditya Birla Sun Life MF, Edelweiss MF, Tata MF, Sundaram MF, and Bandhan MF were among the fund houses that received allocations in the anchor round.

IPO Details

The Rs 1,172-crore IPO is set to commence on January 15 and conclude on January 17. The offering will be entirely an Offer For Sale (OFS), with promoters and existing investors selling a total of 2.8 crore equity shares. The price band for the IPO has been fixed at Rs 397-418 per share.

Promoters and Market Share

The selling promoters include company chairman Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer Health Capital, and Investcorp Private Equity Fund. Medi Assist Healthcare Services has a strong presence in the healthcare industry, covering over 18,000 hospitals across 1,069 cities and 31 states. The company has partnerships with 35 insurers and primarily serves group covers and corporate clients, holding a 30% market share in this segment. Overall, including retail customers, Medi Assist enjoys a market share of approximately 7%.

The successful anchor investment round reflects the strong investor confidence in Medi Assist Healthcare Services' business model and growth potential. The company's extensive network, diversified client base, and market leadership position make it an attractive investment opportunity. The upcoming IPO is expected to generate significant interest from both institutional and retail investors.