Medi Assist Healthcare Files IPO Papers

TPAs manage documentation and processing of claims for the insurer to make final settlement

Medi Assist Healthcare Services has filed preliminary papers with capital markets regulator Securities and Exchange Board of India (Sebi) for an initial public offering (IPO). Medi Assist IPO will be the first primary market sale by an insurance third-party administrator (TPA) in India. The IPO will be an offer of sale of up to 28,028,168 equity shares by the promoters and existing shareholders, including Dr Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer India Capital Holdings II, Bessemer Health Capital LLC and Investcorp Private Equity Fund I.

TPAs are appointed by insurance companies for settlement of health policy claims. TPAs manage documentation and processing of claims for the insurer to make the final settlement.

The Bengaluru-based Medi Assist is the largest health benefits administrator in India, in terms of revenue and premium services.

Bessemer Ventures and Dr Vikram Jit Singh Chhatwal are the promoters of Medi Assist, with a stake of 45.51 per cent and 31.63 per cent respectively. Investcorp holds a 21.65 per cent stake in the company.

Axis Capital, Edelweiss Financial Services, IIFL Securities and SBI Capital Markets are the merchant bankers to the issue.


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