MUMBAI: Medi Assist the largest third-party administrator handling nearly a fifth of all health insurance claims in the country is set to become the first TPA listed on the bourses.
Following its recent acquisition of Raksha TPA, the company has filed a draft red herring prospectus, a document that introduces a new business to investors, with Sebi for its IPO.
The company plans to float an IPO comprising 2.8 crore shares offered by existing shareholders, including promoter Dr Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessmer Health, and Investcorp Private Equity.
While the company has predominantly experienced organic growth in the last five years, coinciding with the surge in health insurance penetration, it has engaged in a series of acquisitions, including those of DHS Health Care, Medicare TPA, Medvantage and Raksha TPA. The company also expanded its reach by acquiring health administrator Mayfair in the UK, primarily focusing on the Indian diaspora.
Chhatwal has previously headed Reliance Health Ventures (Kokilaben Dhirubhai Ambani Hospital) and Apollo Hospitals. He joined Medi Assist following a management buyout of the firm, supported by Bessemer Venture Partners.
“Health insurance penetration has doubled from to 16% from 8% in just over six years, and potentially, in the next five years, it is likely to double again,” said Satish Gidugu, CEO and director of Medi Assist.
Medi Assist is leveraging its market dominance by building a technology platform and network that enables system integration with providers. The scale also allows the company to negotiate better rates by improving efficiencies.
Following its recent acquisition of Raksha TPA, the company has filed a draft red herring prospectus, a document that introduces a new business to investors, with Sebi for its IPO.
The company plans to float an IPO comprising 2.8 crore shares offered by existing shareholders, including promoter Dr Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessmer Health, and Investcorp Private Equity.
While the company has predominantly experienced organic growth in the last five years, coinciding with the surge in health insurance penetration, it has engaged in a series of acquisitions, including those of DHS Health Care, Medicare TPA, Medvantage and Raksha TPA. The company also expanded its reach by acquiring health administrator Mayfair in the UK, primarily focusing on the Indian diaspora.
Chhatwal has previously headed Reliance Health Ventures (Kokilaben Dhirubhai Ambani Hospital) and Apollo Hospitals. He joined Medi Assist following a management buyout of the firm, supported by Bessemer Venture Partners.
“Health insurance penetration has doubled from to 16% from 8% in just over six years, and potentially, in the next five years, it is likely to double again,” said Satish Gidugu, CEO and director of Medi Assist.
Medi Assist is leveraging its market dominance by building a technology platform and network that enables system integration with providers. The scale also allows the company to negotiate better rates by improving efficiencies.
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