Inventurus Knowledge Solutions garners ₹1,120 crore from anchor investors; IPO opens

Inventurus Knowledge Solutions Ltd, which provides healthcare support services, has collected ₹1,120 crore from anchor investors.

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 are among the investors, according to a circular uploaded on BSE's website.

According to the circular, Inventurus Knowledge Solutions has allotted 84.29 lakh equity shares to 61 funds at ₹1,329 apiece, which is also the upper end of the price band. This aggregates the transaction size to ₹1,120.18 crore.

The ₹2,498 crore initial public offering (IPO) opens for subscription on Thursday and will conclude on December 16. The price band of the issue has been set at ₹1,265 to ₹1,329 per share.

The company's IPO is entirely an Offer For Sale (OFS) of 1.88 crore equity shares by promoters and individual shareholders, with no fresh issue component.

Since the issue is completely an OFS, the company will not receive any proceeds from the IPO and the entire fund will go to shareholders.

At the upper price band, the company's IPO is estimated at ₹2,498 crore, placing its market capitalisation at over ₹22,800 crore.

The company, which is backed by Rekha Jhunjhunwala and RARE Enterprises, in its IPO papers stated that the objective of the initial share sale is to gain the advantages of listing the equity shares on the stock exchanges.

Additionally, the company anticipates that listing the equity shares will boost its visibility and brand image, provide liquidity to its shareholders, and establish a public market for the equity shares.

The company said that 75% of the issue size has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors and the remaining 10% for retail investors.

Investors can place bids starting with a minimum of 11 shares and in multiples of 11 thereafter.

Inventurus Knowledge Solutions Ltd is a technology-enabled healthcare solutions provider and a care enablement platform, assisting physician enterprises 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 and has over 800 healthcare organisations as clients, including health systems, academic medical centres, multi-specialty medical groups, single-specialty medical groups and ancillary healthcare organisations as of March this year.

In 2023, Inventurus Knowledge Solutions acquired Aquity Holdings, a company engaged in technology-enabled clinical documentation, medical coding and revenue integrity solutions for healthcare.

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 on December 19.