Inventurus Knowledge Solutions Ltd, which provides healthcare support services, has received go-ahead from the Securities and Exchange Board of India to float its initial public offering. The public issue is a pure offer for sale play, which means that the proceeds will go to the selling shareholders.
The Rekha Jhunjhunwala and RARE Enterprises backed firm had filed its preliminary IPO paper in August and obtained the regulator's observations during Nov. 4 to Nov. 8, indicating a go-ahead to float the public issue.
The Aryaman Jhunjhunwala Discretionary Trust, Aryavir Jhunjhunwala Discretionary Trust, and Nishtha Jhunjhunwala Discretionary Trust are the promoter selling shareholders participating in the offer for sale. Additionally, the Ashra Family Trust and Rajeshkumar Radheshyam Jhunjhunwala, part of the promoter group, are also looking to reduce their stakes through this listing.
Among the 36 individual selling shareholders are Chairman Berjis Minoo Desai and non-executive director Joseph Benardello.
A total of 2.82 crore shares, each with a face value of Re 1, will be offered for sale by the selling shareholders.
The lead managers for the public offering, according to the Draft Red Herring Prospectus, are ICICI Securities Ltd., Jefferies India Pvt., JM Financial Ltd., JPMorgan, and Nomura Financial Advisory and Securities Ltd.
Inventurus Knowledge Solutions provides technology-driven platforms to healthcare enterprises in the US, Canada, and Australia. These platforms assist healthcare institutions in delivering both inpatient and outpatient care.
As of March 31, Inventurus Knowledge Solutions reported a net profit of Rs 370.4 crore and a revenue of Rs 1,817 crore from its operations.
The company faces potential risks related to Foreign Exchange Management Act compliance issues, involving current and former shareholders. The company has filed a compounding application with the Reserve Bank of India regarding these concerns, which could result in penalties, compounding fees, or other regulatory actions.
Additional risks include the need to maintain existing client contracts, challenges within the healthcare industry, and potential changes to the tax benefits the company currently receives from its offices in Hyderabad and Mumbai's special economic zones.
SEBI on Tuesday also gave Advent International-backed Manjushree Technopack its approval to float initial public offerings.
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