Rakesh Jhunjhunwala's Rare Enterprises-backed IKS Health to file for IPO next month

(FILE PHOTO) Ace investor Rakesh Jhunjhunwala

IKS Health, backed by late Rakesh Jhunjhunwala’s investment firm Rare Enterprises, is set to file draft papers with SEBI next month for floating initial public offering (IPO) soon, CNBC TV18 reported on 23 August citing sources. The company is reportedly looking to launch the offer by January, 2023.

IKS Health is an operator of healthcare solutions, helps hospitals better manage resources.

As per the source, the company is likely to raise approximately Rs 2,500 crore via issuance of 15% equity. It will only be offer for sale (OFS) with no fresh issue.

To be sure, Rare Enterprises hold nearly 54% stake in IKS Health. Its board members include Utpal Sheth, MD & CEO at Rare Enterprises as well as Amit Goela, Head Of Research & Investments at Rare Enterprises.

On August 22, Moneycontrol had reported that after the untimely death of India's renowned investor Rakesh Jhunjhunwala, his trusted friend and another ace investor Radhakishan Damani might become the main trustee of Rare Enterprises.

As per the report, Rare Enterprises will continue to be managed by his two trusted lieutenants Utpal Seth and Amit Goela. Utpal Sheth was helping Jhunjhunwala on the investment side and has been mainly focussing on private equity investments over the past few years. Amit Goela was his right hand man on the trading side and was also managing a trading book for the firm independently.

The 62-year-old investor, who was known as the Big Bull and Warren Buffett of India for his investment acumen, passed away on August 14, 2022 due to sudden cardiac arrest.

During his time, Jhunjhunwala had investments in more than three dozen companies, the most valuable being watch and jewelry maker Titan, part of the Tata group.

(With inputs from CNBC TV18)