Sidley acted as international counsel to the issuer, Medi Assist Healthcare Services Limited (Medi Assist Healthcare Services) in connection with its INR11.7 billion (approximately US$140 million) initial public offering (IPO) of equity shares pursuant to Section 4(a) and Regulation S of the U.S. Securities Act of 1933. The lead managers were Axis Capital, IIFL Securities, Nuvama, and SBI Capital.
Medi Assist Healthcare Services is the first group with a health insurance third-party administration (TPA) business to be listed in India. Medi Assist Healthcare Services is a technology-led company that provides TPA services to insurance companies through its wholly owned subsidiaries. As a third-party administrator, it processes health insurance claims for insurance companies and provides services such as policy administration, customer service, and network management. Medi Assist Healthcare Services also facilitates other healthcare and ancillary services such as hospitalization services, call center services, customer relations and contract management services, billing services, and claims processing services.
Manoj Bhargava led the Sidley team, which included counsel Shashwat Tewary and associates Edward Lee and Jayant Bhardwaj (all Singapore); managing associate Harekrishna Ashar (London); and partners Robert M. Kreitman, Nicholas R. Brown, Carla G. Teodoro, and managing associate Alvin Wang (all New York).
Sidley is one of the most experienced international law firms executing capital markets transactions in India and other Asian markets. The firm is ranked a “Top Foreign Law Firm” for India work by the India Business Law Journal, and Bloomberg identified Sidley as the leading legal adviser globally for India equity offerings for manager counsel and by overall deal count for FY2022 and 1H2023 offerings. Two of the firm’s matters recently clinched awards at FinanceAsia’s Achievement Awards 2023 — “Best Equity Deal: South Asia” and “Best IPO: South Asia” were awarded respectively to PNB Housing Finance Limited’s INR25 billion rights issue and Mankind Pharma Limited’s INR43.264 billion IPO (India’s largest IPO in 2023).