Medi Assist Healthcare Services and Appejay Surrendra Park Hotels Receive SEBI Nod for IPOs

Two prominent Indian companies, Medi Assist Healthcare Services and Appejay Surrendra Park Hotels, have received the green light from the Securities and Exchange Board of India (SEBI) to embark on their respective initial public offerings (IPOs), with the aim of raising significant capital to further their business objectives.

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Medi Assist Healthcare Services’ Groundbreaking IPO

Medi Assist Healthcare Services, headquartered in Bengaluru, is set to make history as the first insurance third-party administrator (TPA) to launch an IPO in India. The company’s IPO plans involve a sizeable offer for sale of 2.8 crore shares, aiming to raise between Rs 800 crore and Rs 1,000 crore.

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The offering will include the sale of 2.16 crore shares by Dr. Vikram Jit Singh Chhatwal of Medimatter Health Management and Bessemer Health Capital LLC, both part of the promoter group. Investcorp Private Equity Fund I, an entity managed by Investcorp India Asset Managers, will sell 62.75 lakh shares, reducing its stake in Medi Assist Healthcare Services. Chhatwal will divest his entire personal shareholding along with 5.37 lakh shares jointly held with Medimatter Health Management. Bessemer India Capital Holdings II and Bessemer Health collectively hold 44.51 percent shares in the company. Other selling shareholders include Vivek Pandit, Rahul M Khanna, Shankar Rao Palepu, Pramod Manohar Ahuja, Keshav Sanghi, and Amitkumar Gajendrakumar Patni.

Medi Assist Healthcare Services has emerged as India’s largest health benefits administrator in terms of revenues over the past three financial years (FY21-FY23). The company has appointed Axis Capital, IIFL Securities, Nuvama Wealth Management, and SBI Capital Markets as its merchant bankers for the IPO.

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Appejay Surrendra Park Hotels’ Debt Reduction Strategy

Appejay Surrendra Park Hotels, the operator of hotels under ‘The Park’ brand, is seeking to raise approximately Rs 1,050 crore through its IPO. The offering comprises a fresh issue of shares worth Rs 650 crore and an offer for sale (OFS) of Rs 400 crore.

Promoter entities Apeejay Surrendra Trust and Apeejay will sell shares worth Rs 376 crore, while RECP IV Park Hotel Investors and RECP IV Park Hotel Co-Investors will offload shares worth Rs 24 crore, as indicated in the draft documents. The company is also considering a pre-IPO placement to raise an additional Rs 130 crore, which would potentially reduce the size of the fresh issue.

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The primary purpose of the funds raised from the fresh issue will be to repay Rs 550 crore in debt, with the remaining proceeds allocated for general corporate purposes. As of July 1, 2023, the company’s consolidated borrowings stood at Rs 606.6 crore.

JM Financial, Axis Capital, and ICICI Securities have been appointed as the book running lead managers for the IPO.

The receipt of SEBI’s approval marks a significant milestone for both companies as they prepare to tap into the Indian capital markets, showcasing their growth potential and expansion strategies. Investors and market enthusiasts eagerly await further developments as these IPOs progress towards their respective launches.

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