Medi Assist IPO to open on January 15

Medi Assist IPO which provides third-party administrative services to insurance companies, is scheduled to launch its initial public offering (IPO) on January 15. The maiden public issue will conclude on January 17 and the auction for anchor investors will open for one day on January 12, according to the Red Herring Prospectus (RHP).

The issue is a total offer of up to 2.8 crore shares of Medi Assist by promoters and existing shareholders.

Those selling shares in the offering include Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer India Capital Holdings II Ltd, Bessemer Health Capital LLC, and Investcorp Private Equity Fund.

Since the issue is a complete offer for sale (OFS), the company will not receive any proceeds and all the funds will go to the selling shareholders.

Bengaluru-based Medi Assist is a health technology and insurance company focused on managing health benefits across employers, retail members and health schemes.

The company’s main customers are insurance companies, it is also an intermediary between general insurance and health Member insurance companies and health care providers (such as hospitals), and governments and beneficiaries of public health programs.

Axis Capital, Nuvama Wealth Management, IIFL SecuritiesAnd SBI Capital Markets has been appointed as the commercial bank to advise the company on the IPO..

The company’s shares will be listed on the BSE and NSE.