The initial public offer of Inventurus Knowledge Solutions Ltd, which provides healthcare support services, got subscribed 1.36 times on the first day of the share sale on Thursday.
The initial share sale received bids for 1,40,74,698 shares against 1,03,66,780 shares on offer, as per NSE data.
The Retail Individual Investors (RIIs) part was subscribed 1.67 times while the Qualified Institutional Buyers (QIBs) quota got subscribed 1.54 times. The non-Institutional Investors category received 79% subscription.
Inventurus Knowledge Solutions Ltd has collected Rs 1,120 crore from anchor investors.
The Rs 2,498-crore initial public offering (IPO) will conclude on December 16. The price band for the offer is Rs 1,265-1,329 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 Rs 2,498 crore, placing its market capitalisation at over Rs 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.
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.
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.
