Medi Assist Healthcare Services has taken steps to raise funds by selling shares through an initial public offering (IPO). This marks the company’s second attempt to become a publicly-traded entity.

Previously, in May 2011, Medi Assist had prepared papers to launch an IPO but chose to delay due to challenging market conditions caused by the pandemic.

The recent draft red herring prospectus (DRHP), submitted on a Friday, outlines the IPO plan. This offering, which involves the sale of up to 2.8 crore equity shares, is solely an “offer for sale” (OFS) by existing shareholders and promoters of Medi Assist. Notable entities like Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer India Capital Holdings II Ltd, Bessemer Health Capital LLC, and Investcorp Private Equity Fund I are among those participating in the OFS. It’s important to note that the company will not receive any funds from this offering; the proceeds will go directly to the selling shareholders.

The purpose of going public, according to the company, is to achieve the benefits of having its equity shares listed on stock exchanges. This move will also facilitate the OFS for the selling shareholders. Medi Assist, headquartered in Bengaluru, specializes in health-tech and insurtech services. Their focus lies in managing health benefits for employers, retail members, and public health schemes, aiming to make healthcare accessible.

To aid in this IPO endeavor, Axis Capital, Nuvama Wealth Management, IIFL Securities, and SBI Capital Markets have been selected as merchant bankers. Once listed, the equity shares of Medi Assist will be available for trading on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).