Bengaluru-based health-tech and insurtech company Medi Assist Healthcare Services has filed preliminary papers with the capital markets regulator SEBI to raise funds through an initial share sale, for a second time now.

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.

The company will not receive any proceeds and all the funds will go to the selling shareholders as the issue is an OFS. The company said that it has decided to go public as it is aiming at achieving the benefit of listing equity shares on the stock exchanges and carrying out OFS for the selling shareholders.

Axis Capital, Nuvama Wealth Management, IIFL Securities, and SBI Capital Markets have been appointed as merchant bankers to advise the company on the IPO. The equity shares of the company will be listed on the BSE and NSE.