Jhunjhunwala-backed IKS Health Bags INR 1,120.18 Cr from Anchor Investors, Day 1 Status

IKS Health helps doctors and healthcare providers by managing paperwork and administrative tasks, allowing them to focus more on patient care.

IKS Health, backed by Rekha Jhunjhunwala, raised INR 1,120.18 Cr from 61 anchor investors ahead of its initial public offering (IPO).

The company priced the shares at INR 1,329 per equity share, including a premium of INR 1,328 per share.

The anchor allocation included prominent global institutional investors such as Fidelity Funds, Abu Dhabi Investment Authority, and Prudential Hong Kong, along with top domestic institutional investors including HDFC Mutual Fund, Tata Mutual Fund, and Axis Mutual Fund.

IKS Health IPO Fully Subscribed

The IPO opened on December 12, 2024, and saw strong demand, with the issue being fully subscribed on Day 1.

Stock exchange data showed that investors had bid for 1.2 Cr shares, surpassing the 1.03 Cr shares available. Qualified institutional buyers (QIBs) were the primary drivers of the subscription, with their portion subscribed 1.5 times, while retail investors subscribed to 1.2 times their allocation. The employee quota saw 48% of its reserved portion booked.

The INR 2,498 Cr public offer is a book-built issue that offers 1.88 Cr shares entirely as an offer for sale (OFS).

Further, all proceeds from the issue, net of offer-related expenses, will go to the selling shareholders. The company will not receive any funds from the offering.

Details of the Offer

The IPO is structured with 75% of the shares reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 10% for retail investors.

In addition, 65,000 equity shares have been reserved for employees. The IPO is set to close on December 16, 2024.

The allotment of shares will be finalized on December 17, with a tentative listing date on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) scheduled for December 19.

The IPO’s price band is set at INR 1,265 to INR 1,329 per equity share.

About IKS Health

Founded in 2006, IKS Health specializes in providing administrative and support services to healthcare organizations. The company helps doctors and healthcare providers by managing paperwork and administrative tasks, allowing them to focus more on patient care.

IKS Health’s services include clinical support, medical documentation management, virtual medical scribing, and more.

Promoters of IKS Health include Sachin Gupta, Rekha Jhunjhunwala, Aryaman Jhunjhunwala Discretionary Trust, Aryavir Jhunjhunwala Discretionary Trust, and Nishtha Jhunjhunwala Discretionary Trust.

The company operates as a healthtech firm and aims to streamline processes, reduce administrative burdens, and improve patient access to care.

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