Medi Assist Files For IPO Again; Public Issue Entirely An OFS

Medi Assist Healthcare Services, in order to raise funds through an initial share sale, filed preliminary papers with the capital markets regulator, Sebi. This is the second time the company has done this.

Previously, in May 2011, draft papers were filed with the Securities and Exchange Board of India (Sebi) with the intent to avail an IPO. However, Sebi postponed the maiden public issue amid pandemic-induced headwinds for the market.

The initial public offering (IPO) is entirely an offer for sale of up to 2.8 crore equity shares of Medi Assist by promoters and existing shareholders, as per the fresh draft red herring prospectus (DRHP) filed on Friday,

Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer India Capital Holdings II Ltd., Bessemer Health Capital LLC, and Investcorp Private Equity Fund I are the stakeholders' selling shares in the offer for sale.

The company will not receive any proceeds, and all the funds will go to the selling shareholders as the issue is completely an OFS.

The reasoning conveyed by the company stated that the issue is aimed at achieving the benefit of listing equity shares on the stock exchanges and carrying out OFS for the selling shareholders.

The merchant bankers to advise the company on the IPO include Axis Capital, Nuvama Wealth Management, IIFL Securities, and SBI Capital Markets.

The equity shares of the company will be listed on the BSE and NSE.