Eclat Health Solutions Weighs 300 Million Dollar India IPO as Primary Market Surges

Eclat Health Solutions is considering an initial public offering (IPO) on Indian stock exchanges to raise as much as $300 million (approximately ₹2,500 crore), according to a report by Bloomberg citing people familiar with the development.

The healthcare revenue-cycle management (RCM) and health-tech service provider has held preliminary discussions with investment banks and is expected to appoint transaction advisers shortly. According to sources, the proposed offering may comprise a combination of fresh equity issuance and an offer for sale (OFS) of existing shares. However, deliberations remain at an early stage, and the final timing, issue size, and valuation structure could evolve based on market conditions.

Expanding Footprint and Management Buyout

Founded by Karthik Polsani and Sneha Polsani, Eclat Health Solutions specializes in healthcare revenue cycle management, medical coding, risk adjustment, and healthcare IT solutions, primarily serving hospital networks, physicians, and payers across the United States.

The IPO exploration comes on the heels of significant corporate restructuring. Earlier this year, the company completed a management buyout (MBO) from Middle East-based private equity firm Gulf Capital, restoring full equity ownership to its founders and leadership team. During Gulf Capital's five-year partnership starting in 2020, Eclat scaled its operations significantly, expanding its global headcount from 450 to over 4,000 employees spread across the United States, India, and the Philippines, while logging a tenfold increase in both revenue and operating profit.

A substantial share of the company's core operations and delivery centres are anchored in India, where it has maintained operational hubs in locations including Telangana.

Why an Indian Listing Matters

Should Eclat proceed with its domestic listing, it will join a growing cohort of global and cross-border tech-enabled enterprises opting to float on Indian bourses—the National Stock Exchange (NSE) and BSE—rather than overseas exchanges.

Key factors supporting an Indian listing include:

• Robust Primary Market Liquidity: India's capital markets have seen unprecedented participation from domestic institutional investors (DIIs) and retail participants, creating a receptive environment for sizable public offerings.
• Appetite for Healthcare BPO and IT Services: Indian public markets have traditionally awarded premium valuations to tech-enabled business process management (BPM) and healthcare services companies, given their high operating margins and recurring dollar-denominated revenues.
• Strong Back-Office Anchorage: With thousands of delivery personnel based locally, listing in India allows such multinationals to build brand visibility and offer local employee stock ownership plans (ESOPs).

If finalized, Eclat Health Solutions will need to draft and file its draft red herring prospectus (DRHP) with the market regulator, the Securities and Exchange Board of India (SEBI), before launching the public offer.

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