The highly anticipated initial public offering (IPO) of Medi Assist Healthcare Services is set to kick off on Monday, January 15, with shares currently commanding a robust premium of ₹32 in the unlisted market. The subscription window for the IPO will run until January 17.
Ahead of the IPO launch, Medi Assist, a Bengaluru-based health insurance third-party administrator, successfully raised ₹351.5 crore through its anchor book, attracting marquee investors such as Nomura Trust, Goldman Sachs, Ashoka Whiteoak, Pinebridge Global Funds, Troo Capital, and HSBC.
Market analysts have largely endorsed the IPO with a ‘Subscribe’ rating, citing the company’s dominant position in the third-party administrator (TPA) market, consistent financial performance, and robust cash flow generation.
Backed by Bessemer India Capital, Medi Assist aims to mobilize ₹1,171.6 crore through the public offer, with a price band set at ₹397-418 per share.
Notably, the IPO comprises only an offer-for-sale (OFS) by existing shareholders, including promoters and investors, who plan to sell 2.8 crore shares. Promoters Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer Health Capital LLC, and Investcorp Private Equity Fund I are the primary selling entities in the OFS. Additionally, nine other shareholders will offload 1.38 lakh shares in the OFS.
Ahead of the anchor book and IPO opening, Bessemer India Capital Holdings II and Investcorp Private Equity Fund I divested shares worth ₹536 crore in Medi Assist on January 10, further adding to the anticipation surrounding the IPO.