Rakesh Jhunjhunwala-backed IKS Health revives plan for IPO
ICICI Securities Ltd, Nomura, Jefferies, JPMorgan, and JM Financial to manage the issue. The company had explored an IPO in August 2023 and was looking to raise ₹2,500 crore, or about $300 million, a CNBC report at the time said. IKS Health eventually did not pursue the plan at the time.
The company expects to finalise and file draft papers for the IPO over the next 60 days, one of the people mentioned above said. Rare Enterprises owns a 54% stake in IKS Health. The company has raised $14.5 million in funding from angel investors.
IKS Health declined to comment, while the merchant banks did not immediately respond to queries. The last company that Rare Enterprises backed that went public was Concord Biotech in 2023. Founded in 2006, IKS Health, operated by Inventurus Knowledge Solutions Ltd, offers backend administrative, clinical and patient documentation, and operational services to hospitals.
The company has more than 14,000 employees and said it serves over 150,000 clinicians. The company reported a profit of ₹232.9 crore on consolidated sales of ₹767.8 crore for financial year 2021-22. Following that, IKS Health acquired AQuity Solutions, a US-based clinical documentation and medical coding provider, for $200 million.
At the time, IKS Health said that both companies together would have a combined revenue of $330 million following the acquisition. In 2022, IKS Health acquired a strategic stake in healthcare payments analytics and data science company Sift Health. Another healthtech company that recently made a debut on the Indian bourses is Indegene.
Read more on livemint.com
