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.