IKS Health, backed by the late Rakesh Jhunjhunwala‘s investment firm Rare Enterprises, will submit draft documents to SEBI next month for a floating IPO soon, CNBC TV18 reported on August 23. According to reports, the company hopes to launch the offer by January 2023.

IKS Health is an operator of healthcare solutions that help hospitals better manage resources.

According to media reports, the company may raise around Rs 2,500 crore by issuing a 15% stake. Without new issues, it will only be for sale (OFS).

To be sure, Rare Enterprises owns nearly 54% of IKS Health. Its board of directors includes Utpal Sheth, MD and CEO of Rare Enterprises, and Amit Goela, Head of Research and Investments at Rare Enterprises.

On August 22, Moneycontrol reported that after the sudden demise of prominent Indian investor Rakesh Jhunjhunwala, his trusted friend and another ace investor Radhakishan Damani might become the main trustee of Rare Enterprises.

According to the report, Rare Enterprises will continue to be managed by two of his trusted lieutenants, Utpal Seth and Amit Goela. Utpal Sheth helps Jhunjhunwala with investments and has focused on private equity investments for the past few years. Amit Goela is his right-hand man for trading and independently manages the company’s trading book.

During his tenure, Jhunjhunwala invested in more than three dozen companies, the most valuable being watch and jewellery maker Titan, which is part of the Tata Group.