Jhunjhunwala family-backed IKS Health sees Rs 500 crore block deal; stock slides 4%
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Around 30 lakh shares of IKS Health , the tech-driven healthcare services firm backed by the Jhunjhunwala family , changed hands in a block deal worth Rs 499 crore on Thursday, representing 1.75% of the company's equity. The stock slipped as much as 3.7% intraday to Rs 1,640.55 on the BSE following the transaction.The shares were traded at an average price of Rs 1,659, with the floor price set at Rs 1,650—a 2.6% discount to Wednesday's closing price of Rs 1,695, CNBC-TV18 reported. The identities of the buyers and sellers were not officially disclosed, though sources told CNBC-TV18 that multiple individual investors were likely on the sell side.The block deal came just a day after the end of IKS Health's six-month post-IPO lock-in period on Wednesday. With the lock-in lifted, 10.5 crore shares—worth nearly $20 billion—became eligible for trade. Market participants had been anticipating such a deal.The stock has now fallen over 12% in two sessions and is trading about 22% below its post-listing high of Rs 2,185.IKS Health is backed by the Jhunjhunwala family through three discretionary trusts—Nistha, Aryavir, and Aryaman—each holding a 16.37% stake in the company as of March 2025. Rekha Jhunjhunwala also holds a 0.23% stake but did not participate in the IPO sell-off.When the company listed on December 19, 2024, the Jhunjhunwala family reportedly made a staggering 530x return on their investment. The Rs 2,500 crore IPO was oversubscribed 53 times and debuted at Rs 1,900 on the NSE, a 43% premium over the issue price of Rs 1,329.As part of the offer-for-sale, the three family trusts offloaded 33.57 lakh shares out of the 8.94 crore they held as of the September quarter. The IPO did not involve any fresh capital raising.IKS Health, formally known as Inventurus Knowledge Solutions, provides a care enablement platform for physician enterprises across the US, Canada, and Australia, with a primary focus on the US market. It serves more than 778 healthcare organizations, including high-profile clients such as Mass General Brigham Inc. , Texas Health Care PLLC, and The GI Alliance Management.The company has posted strong financial growth in recent years, with revenue, EBITDA, and profit rising at a CAGR of 54.3%, 32.3%, and 26.1%, respectively, between FY22 and FY24. For the six months ended September 2024, revenue from operations doubled to Rs 1,283 crore, while net profit rose marginally to Rs 208 crore.With the lock-in period now over and the first wave of selling underway, market watchers are keenly observing whether more exits by early investors or promoters will follow in the coming weeks.
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