Jhunjhunwala-promoted Inventurus Knowledge Solutions (IKH Health) is set to launch its initial public offering (IPO) on Thursday, December 12. The company is set to raise 2,497.92 crore through its initial stake sale which is entirely an offer-for-sale (OFS) of up to 1,87,95,510 equity shares by the promoters and other selling shareholders of the company.
IKS Health, which provides administrative services to healthcare enterprises, has fixed its price band in the range of Rs 1,265-1,329 apiece, for which investors can apply for a minimum of 11 equity shares and multiples thereafter. The three-day bidding for the issue will conclude on Monday, December 16.
The all five promoter entities namely- Sachin Gupta, Rekha Jhunjhunwala, Aryaman Jhunjhunwala Discretionary Trust, Aryavir Jhunjhunwala Discretionary Trust and Nishtha Jhunjhunwala Discretionary Trust- have negligible cost of acquisition as per the red herring prospectus (RHP) of the company. Hence, their returns cannot be ascertained.
According to the RHP, three discretionary trusts named after Jhunjhunwala's children (Aryaman, Aryavir and Nishtha) own 2,98,00,811 equity shares or 17.37 per cent each in the company. Rekha Jhunjhunwala herself owns 3,90,478 equity shares, or 0.23 per cent in the company.
Other investors including Joseph Benardello and Gautam Char have acquired shares at an average cost of Rs 3.82 per share, while Parminder Bolina picked up stake in the company at Rs 3.83 per share. The former two will mint 34,700 per cent, or 348 times returns, while the latter one will make 34,600 per cent or 347 times returns by selling their stake in the IPO at the upper end.
Another selling investor, Jeffrey Philip Freimark picked up shares at an average price of Rs 5.37 apiece. He is making 24,650 per cent, or 248 times at the upper end of the price band. Shane Hsuing Peng will make 1,850 per cent, or 19.5 times returns in the IPO after acquiring stake at Rs 67.95 per share. Another selling investor Berjis Minoo Desai also has negligible cost of acquisition.
ICICI Securities, Jefferies India, JM Financial, JP Morgan India and Nomura Financial Advisory and Securities (India) are the book running lead managers of the Inventurus Knowledge Solutions IPO, while Link Intime India is the registrar for the issue. Shares of the company shall be listed on Thursday, December 19 on both BSE and NSE.