India: Health insurance administrator Medi Assist Healthcare files draft papers for IPO

Bengaluru-based Medi Assist Healthcare Services Ltd on Tuesday filed a draft red herring prospectus (DRHP) for its initial public offering (IPO) with the Securities and Exchange Board of India (Sebi).

The IPO consists of a pure offer for sale of 2.54 million shares by Dr Vikram Jit Singh, up to 12.47 million by Medimatter Health management, up to 6.61 million by Bessemer Health Capital LLC, and up to 6.11 million by Investcorp Pvt. ATE Equity Fund.

Medi Assist Healthcare Services, which manages claims related to health insurance, claims to be the largest health benefits administrator in terms of revenues and premium services for health insurance policies.

While under the TPA (third party administrator) regulations, its primary clients are insurance companies, it also serves as an intermediary between general and health insurance companies and the insured members (under retail, corporate and insurance backed public health insurance policies), insurance companies and healthcare providers (such as hospitals), and the government and beneficiaries of public health schemes.

According to the DRHP, it managed Rs7,829.5 crore of health insurance premiums for the financial year 2020.

For the nine months ended December 2020, the company reported a total income of Rs257.44 crore against Rs245.16 crore a year ago. Net profit for the period stood at Rs33.09 crore versus Rs31.04 crore last year in the same period.

Axis Capital, Edelweiss Financial Services, IIFL Securities and SBI Capital Markets are managing the IPO.

The article was first published on livemint.com.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.