Infinx Technology Solutions has appointed Kotak Mahindra Capital, Nomura and Avendus to manage the proposed Infinx IPO of $300 million in India, according to a report by the Economic Times published on 23 October 2026. The KKR-backed healthcare revenue cycle firm is targeting a listing in FY28. No draft prospectus has been filed with SEBI yet.
What has been reported
The Economic Times cites people familiar with the matter. Infinx, Kotak and Nomura did not respond to its emails before the report went out. Treat all of this as a report, not a confirmed filing.
| Item | As reported |
|---|---|
| Size | $300 million, about ₹2,550 crore on our tracker's conversion |
| Bankers | Kotak Mahindra Capital, Nomura, Avendus |
| Structure | Possibly a fresh issue plus an offer for sale |
| Timing | Listing targeted in FY28 (April 2027 to March 2028) |
| Backers | KKR, Norwest Venture Partners |
What does Infinx do?
Infinx provides AI-powered revenue cycle management to US healthcare providers. In plain words, it helps hospitals and doctors' groups verify insurance, get prior authorisations, code and bill patients, and collect payments. Its clients are hospitals, health systems and physician groups. It has teams in the US, India and the Philippines.
The Tandon brothers, Sandeep and Jaideep, founded it in 2012. It stayed bootstrapped until Norwest Venture Partners put in its first institutional money in 2021. KKR bought a significant minority stake in 2024 through its Asian Fund IV. The company has raised $186 million in total, per the report.
In May 2025 it bought the healthcare revenue cycle business of Nasdaq-listed i3 Verticals for $96 million, including the technology that came with it.
Who else is in the queue?
The report names four other healthcare services companies that are also reportedly planning share sales: ASG Hospital, Eclat Health Solutions, Knack RCM and AGS Health. None of these is a confirmed filing either.
What our data shows
At about ₹2,550 crore, Infinx would be the 26th largest of the 57 IPO filings and plans we have tracked this year. Sixty-eight companies have filed draft papers so far this month, so a plan like this is early in the pipeline. A banker appointment is not an approval. Many such plans change in size or timing before a draft is filed.
What happens next
The next hard step is a DRHP, the draft prospectus filed with SEBI. That would give audited numbers, the fresh issue and OFS split and the selling shareholders. SEBI's review usually takes one to three months after that. We will cover it when it is filed. Until then, you can follow dated issues on our upcoming mainboard IPO page, and see how the bankers' earlier deals listed on the lead managers page. The original report is on the Economic Times.
