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PremiumInventurus Knowledge Solutions IPO Day 1 Live Updates: Rekha Jhunjhunwala-backed Inventurus Knowledge Solutions began for public subscription on December 12. The IPO will close for bidding on December 16. The company, which offers healthcare support services, has set a price range of ₹1,265-1,329 per share for its initial public offering (IPO).
According to the bid details on the NSE, Inventurus Knowledge Solutions' IPO was subscribed 1.36 times on its first day. The retail segment saw the highest demand, with subscriptions at 1.67 times, followed by the QIB portion, which received 1.54 times the number of bids. The NII quota was subscribed 0.79 times.
The company is looking to raise ₹2,498 crore via the IPO. The company has decreased its issue size, which now includes an Offer For Sale (OFS) of 1.88 crore equity shares from promoters and individual shareholders, without any new issue component. Previously, the OFS size was 2.82 crore, according to the draft documents.
Currently, promoters and entities in the promoter group own nearly 70 percent of the company's stake, which is supported by Rekha Jhunjhunwala and RARE Enterprises.
Inventurus Knowledge Solutions secured ₹1,120.18 crores from 61 anchor investors at a price of ₹1,329 per equity share.
At the upper price point, the company’s initial public offering is projected to be ₹2,498 crore, which would give it a market capitalization exceeding ₹22,800 crore. Inventurus Knowledge Solutions Ltd is a provider of healthcare solutions that leverages technology, serving physician enterprises in the US, Canada, and Australia, with a primary emphasis on the US market.
According to bid details available on NSE, Inventurus Knowledge Solutions IPO was subscribed 1.36 times at the end of the first day. Retail portion was susbcribed the most at 1.67 times, followed by QIB portion that garnered 1.54 times bids. NII quota was booked 0.79 times.
Inventurus Knowledge Solutions IPO sailed through on Day 1 of the bissing process. The issue was subscribed 1.10 times on strong retail and QIB buying. Both these quotas also got fully subscribed. Meanwhile, NII quota garnered 42% bids.
The retail portion of Inventurus Knowledge Solutions IPO was fully subscribed within a few hours of opening. As of 2.45 pm, the retail portion's subscription stood at 1.01 times. Investors applied for 18,89,492 shares against 18,73,050 shares on offer, resulting in oversubscription.
Overall, Inventurus Knowledge Solutions IPO was subscribed 36%.
Bidding began in the QIB category of Inventurus Knowledge Solutions IPO, with the quota being subscribed 16% so far. Overall, the issue was booked 36%.
In October 2023, IKSL acquired Aquity Holdings, a provider of technology-driven clinical documentation, medical coding, and revenue integrity solutions. The acquisition enables IKSL to cross-sell to Aquity’s 804+ customers (as ofMarch 31, 2024) and expand its market reach. IKSL’s client base has grown from 45 clients, in FY22 to 49 clients in FY23. After the acquisition of Aquity Holdings, in FY24, they had 853 clients.
As per the Zinnov Report, the outsourced services market in the technology-enabled healthcare provider space is growing rapidly as providers seek to boost efficiency and streamline operations. By leveraging technology-enabled service providers to handle workflows like billing, revenue cycle management, patient engagement, and data analytics, healthcare organizations can focus on core patient care activities and achieve higher quality care while maintaining operational excellence.
Inventurus Knowledge Solutions IPO was subscribed 15% so far on Day 1 of the bidding process. The retail investor portion was booked 54%, while the NII quota was subscribed 19%.
Inventurus Knowledge Solutions, founded in 2006, is a tech-driven healthcare solutions provider focused on the US market. IKSL’s care enablement platform supports healthcare enterprises in the US, Canada, and Australia by streamlining administrative, clinical, and operational tasks, enhancing clinical outcomes, optimizing revenue, reducing burnout, and enabling value-based care through digital health solutions. As of September 30, 2024, IKSL served 778 healthcare organizations.
IKSL’s revenue model is based on:
i. a percentage of payments collected by clients,
ii. transaction volume, and
iii. monthly fees (e.g., per physician).
IKSL benefits as clients grow by acquiring medical groups, opening clinics, hiring physicians, and increasing patient volumes.
The company’s scalable business model enables it to expand operations without proportionately increasing costs, enhancing profitability.
Inventurus Knowledge Solutions IPO was subscribed 8% so far on the first day of the bidding process on Thursday. The portion for Non Institutional Investors (NIIs) was subscribed 10% while the retail investor portion garnered 32% bids. Qualified Institutional Buyers (QIBs) have not received any bids yet.
1. Ashra Family Trust (Promoter Group) is selling up to 3,376,311 equity shares
2. Aryaman Jhunjhunwala Discretionary Trust (Promoter) is selling up to 1,119,300 equity shares
3. Joseph Benardello (Individual) is selling up to 3,041,812 equity shares
4. Aryavir Jhunjhunwala Discretionary Trust (Promoter) is selling up to 1,119,300 equity shares
5. Gautam Char (Individual) is selling up to 1,251,378 equity shares
6. Nishtha Jhunjhunwala Discretionary Trust (Promoter) is selling up to 1,119,300 equity shares
7. Parminder Bolina (Individual) is selling up to 1,251,378 equity shares
8. Shane Hsuing Peng (Individual) is selling up to 994,233 equity shares
9. Jeffrey Philip Freimark (Individual) is selling up to 1,141,001 equity shares
10. Berjis Minoo Desai (Individual) is selling up to 676,549 equity shares
IKSL’s revenue grew from ₹764 crore in FY22 to ₹1,818 crore, at a CAGR of 54%, while PAT rose at a CAGR of 26% to ₹371 crore. In FY24, the EBITDA margin stood at 28%, while the PAT margin was 20.4%.
"At the upper price band of ₹1,329, IKSL is available at a P/E ratio of 54.6x (based on FY25 annualized earnings), which seems reasonably priced. Given its asset-light and scalable business model, high-margin operations, diversified product offerings, and significant expansion potential following the acquisition of Aquity Holdings, we recommend a "Subscribe" rating for the issue on a medium to long-term basis," said Geojit Financial Services.
The company was incorporated as “Inventurus Knowledge Solutions Private Limited" on September 5, 2006. The promoters of the company are Sachin Gupta, Rekha Jhunjhunwala, Aryaman Jhunjhunwala Discretionary Trust, Aryavir Jhunjhunwala Discretionary Trust, and Nishtha Jhunjhunwala Discretionary Trust. Currently, the promoters hold 107,352,790 equity shares of face value ₹1 each, representing 62.57% of the issued, subscribed, and paid-up equity share capital of the company.
Inventurus Knowledge Solutions IPO was subscribed 1% within 15 minutes of opening. The retail investors led, with their quota garnering 3% bids followed by NIIs who applied for 1% of their allotted quota. QIB investors did not place any bids yet.
The initial public offer for Inventurus Knowledge Solutions kicked off for subscription. Investors can start placing their bids on this Rekha Jhunjhunwala-owned company. They can place bids till Monday, December 16.
The company will not receive any proceeds from the offer and will go to the selling shareholders as the IPO is entirely an offer for sale (OFS).
Inventurus Knowledge Solutions Limited secured ₹1,120.18 crores from 61 anchor investors at a price of ₹1,329 per equity share.
The group of anchor investors participating in Inventurus Knowledge Solutions' public offering includes prominent names such as Fidelity Funds, Government Pension Fund Global, HDFC Mutual Fund, Abu Dhabi Investment Authority, Prudential Hong Kong Ltd, Axis Mutual Fund, WF Asian Reconnaissance Fund, Mirae Asset, and HSBC Global, among others.
As reported in the company's exchange filing on Wednesday, Fidelity Fund and Government Pension Fund Global both accounted for 5.1%, while Abu Dhabi Investment Authority, Prudential Hong Kong Ltd, WF Asian Reconnaissance Fund, and Axis Mutual Fund each held 4.4%, making them the leading anchor investors.
IKS Health IPO GMP today is +422. This indicates Inventurus Knowledge Solutions share price was trading at a premium of ₹422 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Inventurus Knowledge Solutions share price is indicated at ₹1,751 apiece, which is 31.75% higher than the IPO price of ₹1,329.
According to the activities in the grey market over the last seven sessions, today's IPO GMP is showing an upward trend, indicating a promising listing. The minimum GMP recorded is ₹0, while the maximum GMP observed is ₹422, based on insights from experts at investorgain.com.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
