The largest health benefits administrator in India in terms of premiums under management for both retail and group insurance is Medi Assist Healthcare Services.
The issuance would solely consist of current shareholders and promoters of the firm offering up to 2.80 crore equity shares of Medi Assist Healthcare Services for sale. To begin its first public offering (IPO), Medi Assist Healthcare Services has submitted its draft-red herring prospectus (DRHP) to the capital markets regulator Sebi. One of India’s biggest administrators of health benefits is Medi Assist, which has its headquarters in Bengaluru.
The DRHP said that the issuance would solely consist of current shareholders and firm promoters offering up to 2.80 crore equity shares of the company having a face value of Rs 5 apiece for sale. It implies that the corporation won’t get any money from the sale of the stock.
In addition to Investcorp Private Equity Fund I, Vivek Pandit, Rahul M Khanna, Shankar Rao Palepu, Pramod Manohar Ahuja, Keshav Sanghi, Amitkumar Gajendrakumar Patni, and other joint entities, the OFS will be promoted by Vikram Jit Singh Chhatwal, Medimatter Health Management, and Bessemer Health Capital LLC.
According to F&S Report, Medi Assist Healthcare Services holds a market share of 14.83% of the retail health insurance market and 41.71% of the group health insurance market, making it the largest health benefits administrator in India in terms of premium under management for both group and retail policies.
At the conclusion of the financial year 2023, the firm managed health insurance premiums (group and retail) of Rs 14,574.65 crore, up from Rs 7,918.49 crore at the end of the previous financial year 2021, with a CAGR of 35.67%. As of March 31, 2023, it collaborated with 36 insurance firms worldwide and in India.
Qualified institutional bids (QIBs) will receive 50% of the shares, while non-institutional investors (NIIs) would receive 15% of the shares. For the issuance, retail investors will receive the remaining 35% of the shares.The issue’s book-running lead managers are Axis Capital, IIFL Securities, Nuvama Wealth Management, and SBI Capital Markets, while Link Intime India has been selected as the offering’s registrar. Both BSE and NSE will list the stock. The largest health benefits administrator in India in terms of premiums under management for both retail and group insurance is Medi Assist Healthcare Services.
