Park Hotels, Medi Assist IPOs Approved by Sebi

New Delhi, Dec 13 (PTI) Apeejay Surrendra Park Hotels Ltd, which runs hotels under the "The Park" brand, and health-tech firm Medi Assist Healthcare Services have received markets regulator Sebi's go-ahead to float initial public offerings.

The two firms, which filed their preliminary IPO papers in August, obtained the regulator's observation letters on December 7-8, an update with the Securities and Exchange Board of India (Sebi) showed on Wednesday.

In Sebi's parlance, obtaining its observation letter means its go-ahead to float the IPO.

According to the draft papers, the proposed IPO of Apeejay Surrendra Park Hotels comprises a fresh issue of equity shares worth Rs 650 crore and an offer for sale (OFS) of equity shares to the tune of Rs 400 crore by promoters and investor shareholders.

Those offering shares in the OFS are Apeejay Surrendra Trust, Apeejay Pvt Ltd, RECP IV Park Hotel Investors Ltd, and RECP IV Park Co-Investors Ltd.

Proceeds of the fresh issue would be utilised towards the payment of debt and for general corporate purposes.

The company operates hospitality assets under its brands, The Park, The Park Collection, Zone by The Park, Zone Connect by The Park and Stop by Zone. It has established a presence in the retail food and beverage industry through its retail brand 'Flurys'.

Medi Assist's proposed maiden public issue is entirely an OFS of up to 2.8 crore shares by promoters and existing shareholders, draft papers showed.

Those selling shares in the OFS 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.

Bengaluru-based Medi Assist is a health-tech and insurtech company focused on administering health benefits across employers, retail members, and public health schemes.