Rekha Jhunjhunwala and RARE Enterprises-backed Inventurus Knowledge Solutions IPO enters Day 2

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The IPO of Rekha Jhunjhunwala and RARE Enterprises-backed Inventurus Knowledge Solutions Ltd enters day 2 on a strong note. The ₹2,498-crore initial public offering (IPO), which opened on Thursday, will close on December 16. The price band for the issue has been set at ₹1,265 to ₹1,329 per share. Investors can place bids with a minimum of 11 shares and in multiples of 11 shares thereafter.

The IPO was subscribed 1.36 times on Day 1, thanks to strong interest from qualified institutional investors, whose portion was subscribed 1.54 times.

The IPO is entirely an Offer for Sale (OFS) comprising 1.88 crore equity shares by promoters and individual shareholders, with no fresh issue component. While 75 per cent of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors, and the remaining 10 per cent for retail investors, 65,000 shares have also been reserved for eligible employees. The NII portion was subscribed 0.79 times, while the retail and employee quotas were subscribed 1.68 times and 0.80 times, respectively.

The company, which provides healthcare support services, raised ₹1,120.18 crore from anchor investors as part of the IPO process. Inventurus Knowledge Solutions allotted 84.29 lakh equity shares to 61 funds at ₹1,329 apiece, including investors such as Fidelity Funds, Government Pension Fund Global, Abu Dhabi Investment Authority, Prudential Hong Kong, TIMF Holdings, HSBC Global, HDFC Mutual Fund (MF), Aditya Birla Sun Life MF, Axis MF, Mirae Asset, and WhiteOak Capital, according to a circular uploaded on BSE’s website.

The company said that the objective of the initial share sale is to gain the benefits of listing on the stock exchanges. It anticipates that the listing will boost visibility and brand image, provide liquidity to shareholders, and establish a public market for the shares.

Inventurus Knowledge Solutions Ltd is a technology-enabled healthcare solutions provider, offering a care enablement platform that assists physician enterprises primarily in the US, Canada and Australia, with a focus on the US markets. The company is a leading partner for outpatient and inpatient care organisations, serving over 800 clients, including health systems, academic medical centres, multi-specialty and single-specialty medical groups, and ancillary healthcare organisations, as of March this year.

ICICI Securities Ltd, Jefferies India Private Ltd, JM Financial Ltd, JP Morgan India Private Ltd ,and Nomura Financial Advisory and Securities (India) Private Ltd are the book-running lead managers to the issue.

The equity shares of the company are expected to be listed on the BSE and NSE