Medi Assist Healthcare Services, the health benefits administrator, has refiled papers with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO).

The Bangalore-based firm had earlier filed draft prospectus with the market regulator in May 2011 for a share float but deferred the issue amid pandemic-induced rough market conditions.

According to the fresh draft red herring prospectus (DRHP), the 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.