Medi Assist files IPO papers with Sebi again; public issue entirely an OFS

Medi Assist Healthcare Services has filed preliminary papers with the capital markets regulator Sebi to raise funds through an initial share sale. This is the company's second attempt to go public. Earlier, it had filed draft papers with the Securities and Exchange Board of India (Sebi) in May 2011, for floating an IPO but deferred the maiden public issue amid pandemic-induced rough market conditions. According to the fresh draft red herring prospectus (DRHP) filed on Friday, 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. Those selling shares in the offer for sale include Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer India Capital Holdings II Ltd, Bessemer Health Capital LLC, and Investcorp Private Equity Fund I. Since the issue is completely an OFS, the company will not receive any proceeds and all the funds will go to the selling shareholders. Explaining

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