MEDI ASSIST HEALTHCARE SERVICES LIMITED FILES DRHP WITH SEBI
India’s largest health benefits administrator in terms of revenues in the Financial Years 2021, 2022 and 2023, Medi Assist Healthcare Services Limited files Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).
The Company plans to raise fund through offer for sale of equity shares (face value ₹ 5) aggregating up to 28,028,168 equity shares (2.80 crore or 28.03 million equity shares). (“Total Offer Size” )
The Company is also the largest health benefits administrator in India in terms of premium under management for retail and group policies, with a market share of 14.83% of the retail health insurance market and 41.71% of the group health insurance market, and combined retail and group segment share of 33.67% serviced by health benefits administrators for the Financial Year 2022 according to F&S Report.
The offer for sale comprises of – up to 2,539,092 equity shares by Dr. Vikram Jit Singh Chhatwal; up to 12,468,592* equity shares by Medimatter Health Management Private Limited, up to 6,606,084 equity shares by Bessemer Health Capital LLC (“Promoter Group Selling Shareholders”), up to 6,275,706 equity shares by Investcorp Private Equity Fund I (“Investor Selling Shareholders”), up to 26,382 equity shares by Vivek Pandit, up to 22,613 equity shares by Rahul M Khanna, up to 17,337 equity shares by Shankar Rao Palepu (jointly with Palepu Neena Rao), up to 17,337 equity shares by Pramod Manohar Ahuja (jointly with Jyoti Ahuja), up to 17,337 equity shares by Keshav Sanghi (jointly with Vinita Keshav Sanghi), up to 13,568 equity shares by Amitkumar Gajendrakumar Patni (jointly with Ruchi Amitkumar Patni) (“Other Selling Shareholders”). (“Offer for Sale”)
Axis Capital Limited, IIFL Securities Limited, Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited), SBI Capital Markets Limited are the Book Running Lead Managers to the issue.
The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on the stock exchanges being BSE Limited and National Stock Exchange of India Limited.
Note to Editor:
Medi Assist Healthcare Services Limited ( “The Company”), primary clients are insurance companies; however, we also serve as an intermediary between (a) general and health insurance companies and the insured members, (b) insurance companies and healthcare providers (such as hospitals), and (c) the Government and beneficiaries of public health schemes.
It has managed ₹145,746.49 million of health insurance premiums (group and retail) as at the end of Financial Year 2023 growing at a CAGR of 35.67% from ₹79,184.93 million as at the end of Financial Year 2021. As of March 31, 2023, it worked with 36 insurance companies in India and globally.
For the Financial Year 2022, total revenues of the company accounted for 24.89%, EBITDA accounted for 40.88%, and profit after tax accounted for 55.31%, of the Indian health benefits administration industry revenue, EBITDA and profit after tax, respectively according to F&S Report.