Medi Assist Healthcare Services Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹418
Per ShareLot Size
35 Shares
Minimum Investment
₹14,630
Issue Size
₹1,171.58 Cr
Face Value
₹5
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Medi Assist Healthcare Services Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
67.55%
Promoter Holding (Post-Issue)
45.75%
Issue Type
Book Building
ISIN
INE456Z01021
About the Company
Its business is conducted through the Company, Medi Assist Healthcare Services Limited, which is a holding company and proposed to be listed following the Offer, and through its nine subsidiaries of which four are direct subsidiaries and five are indirect subsidiaries. The Company provides third party administration services to insurance companies through its wholly owned Subsidiaries, Medi Assist TPA, Medvantage TPA (from February 13, 2023) and Raksha TPA (from August 25, 2023). A third party administrator is an organization that processes health insurance claims for insurance companies and provides services such as policy administration, customer service and network management, among others. As a third party administrator, the company acts as a facilitator between (a) insurance companies and their policy holders, (b) insurance companies and healthcare providers (such as hospitals), and (c) the Government and beneficiaries of public health schemes. Its Subsidiaries, Medi Assist TPA and Medvantage TPA, contributed to 96.32% of its revenue from contracts with customers in the Financial Year 2023 and its Subsidiaries, Medi Assist TPA, Medvantage TPA and Raksha TPA contributed 92.98% of its revenue from contracts with customers in the six months ended September 30, 2023. The Company also facilitates other healthcare and ancillary services such as hospitalization services, call centre services, customer relations and contract management services, billing services and claims processing services through the Company and its other Subsidiaries, IHMS, Mayfair India, Mayfair UK, Mayfair Group Holding, Mayfair Philippines and Mayfair Singapore. The Company has developed a pan-India healthcare provider network which comprises 18,754 hospitals across 1,069 cities and towns and 31 states (including union territories) in India and network across 141 countries globally, as on September 30, 2023.
Industry Overview
A third party administrator is an organization that processes health insurance claims on behalf of insurance companies. Third party administrators were envisaged as a link between the insurer, healthcare service provider, and the policy holder. The insurers are expected to take risks, set the premium rates, and undertake the marketing and enrolment, while third party administrators are expected to take over the claims processing function. As of September 2023, 16 third party administrators operate in India, providing services to public and private health insurance companies. Their services help improve efficiency and reduce costs for insurance companies while providing valuable support and assistance to policyholders.
Company History
Medi Assist Healthcare Services Limited was incorporated on June 7, 2000 as a private limited company under the Companies Act 1956, with the name "Net Logistics Private Limited" and a certificate of incorporation granted by the Registrar of Companies, Karnataka at Bengaluru. Subsequently, the name of the Company was changed to "Medi Assist Healthcare Services Private Limited" with a fresh certificate of incorporation granted by the Registrar of Companies, Karnataka at Bengaluru on November 21, 2012. Pursuant to the conversion of the Company to a public limited company and as approved by the shareholders of the Company pursuant to a special resolution dated February 27, 2018, the name of the Company was changed to "Medi Assist Healthcare Services Limited" and the Registrar of Companies, Karnataka at Bengaluru issued a fresh certificate of incorporation on March 20, 2018.
Products & Services
- The Company processes health insurance claims for insurance companies and provides services such as policy administration, customer service and network management, among others.
Growth Strategy
- Maintain its Leadership Position among Group Accounts.
- Continue Pursuing Inorganic Growth Opportunities.
- Continue to Enhance its Technology Platforms.
- To Increase its Share in the Retail Segment.
Customer Base
The Company provides third party administration services to insurance companies through its wholly owned Subsidiaries.
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY23 to FY25.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of 28,028,168* equity shares of face value of Rs. 5 each (the "Equity Shares") of Medi Assist Healthcare Services Limited ("The Company" or "The Company" or "The Issuer") for cash at a price of Rs. 418 per equity share (the "Offer Price") aggregating to Rs. 1171.58 crores (the "Offer") comprising an offer for sale of 2,539,092* equity shares aggregating to Rs. 106.13 crores by Vikram Jit Singh Chhatwal, 12,468,592** equity shares* aggregating to Rs. 521.19 crores by Medimatter Health Management Private Limited ("Medimatter Health", and collectively with Vikram Jit Singh Chhatwal, the "Promoter Selling Shareholders"), 6,606,084* equity shares aggregating to Rs. 276.13 crores by Bessemer Health Capital llc ("Bessemer Health" or the "Promoter Group Selling Shareholder"), 6,275,706* equity shares aggregating to Rs. 262.33 crores by Investcorp Private Rquity Fund i (the "Investor Selling Shareholder"), and 138,694 equity shares aggregating to Rs. 5.80 crores by the other selling shareholders (as defined hereinafter and together with the promoter selling shareholders, promoter group selling shareholder and investor selling shareholder, the "Selling Shareholders" and such offer by the selling shareholders, the "Offer for Sale"). The offer shall constitute 40.70% of the post-offer paid-up equity share capital of the company. *Subject to finalization of basis of allotment **Includes 537,080 equity shares held jointly with Vikram Jit Singh Chhatwal
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Well Established Third Party Administrator in India.
- Scalable technology-enabled infrastructure addressing the needs of all constituents of the health insurance ecosystem.
- Longstanding relationships with Indian insurance companies.
- Diversified base of Group Accounts with strong relationships.
- Attractive contracts with a pan-India healthcare provider network to provide discounted rates and/or preferential packages to its customers.
- The company's inability to effectively manage and expand its network of healthcare providers may have an adverse effect on its business, results of operations and financial condition.
- The company derives a significant portion of its revenues from a limited number of clients and the loss of one or more such clients could adversely affect its business and prospects.
- The report of the previous statutory auditors of the Company and one of its Subsidiaries, Medi Assist TPA, contains certain disclaimers of opinion, and the reports of the current statutory auditors of the Company and one of the Subsidiaries, Medi Assist TPA, contain other matter and emphasis of matter paragraphs, as applicable.
- The company's business is significantly dependent on group accounts in certain industries, and any adverse developments affecting such industries may adversely affect its business and results of operations. In addition, any termination or adverse change in the company relationship or arrangements with insurance companies or corporates could adversely affect its business, results of operations and financial condition.
- The company has acquired certain entities in the recent past, including outside of India, and may continue to do so in the future. Any failure to realize the anticipated benefits of its acquisitions may have an adverse effect on the company business, results of operations, financial condition and cash flows.