What makes this change remarkable isn’t just the numbers—it’s the staggering 430x return Jhunjhunwala’s family has made on IKS over 17 years, turning a little-known investment into a multi-thousand-crore behemoth.
This is a story of patience, conviction, and the ability to spot transformative businesses long before the market catches on.
The new crown jewel
IKS launched its initial public offering (IPO) in December 2024. Priced between ₹1,265 and ₹1,329 per share, IKS’s IPO drew strong investor interest. Since listing, the stock has skyrocketed, pushing its market cap to ₹29,000 crore.
As of December 2024, Jhunjhunwala’s family owns almost 50% of the company, translating to a holding worth ₹14,600 crore—surpassing his Titan stake, which stands at ₹13,800 crore.
“The market cap of IKS today is roughly ₹29,000 crore…The kind of returns they have made is simply phenomenal,” said Aditya Kondawar, author of The Big Bull of Dalal Street, a biography of Rakesh Jhunjhunwala.
The numbers speak for themselves—Jhunjhunwala’s family bought IKS shares for as little as ₹3.5-3.7 apiece. Today, the stock trades at ₹1,728, marking one of the most astonishing multibagger runs in Indian markets.
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Conviction over cycles
Jhunjhunwala’s journey with IKS began in 2007-08, when he identified its potential early on. Over the next several years, he steadfastly held onto his investment, demonstrating his characteristic patience and conviction. His success in IKS is reminiscent of his legendary bet on Titan, which he began accumulating in the 1980s.
Kondwar explained, “Jhunjhunwala started buying Titan in the 1980s, and by 2002, when Bhaskar Bhat took over as MD, he had already built a sizeable position. Over 35-40 years, Titan delivered approximately 540x returns. However, in IKS, he achieved an astounding 430x returns in just 17-18 years.”
Jhunjhunwala’s success with IKS and Titan highlights the power of the “buy and hold” strategy. He built his fortune by identifying strong businesses early, investing with conviction, and allowing time to compound his wealth.
His philosophy was rooted in patience and a strong belief in the companies he backed, proving that true wealth in the stock market is created by staying invested through cycles rather than chasing short-term gains.
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While Titan remains one of the most iconic investments in Jhunjhunwala’s portfolio, the rise of IKS highlights his adaptability.
Betting on tech—at the right time
Unlike many of his peers, Jhunjhunwala had initially stayed away from tech stocks and missed the dot-com boom of the late 1990s. However, after witnessing the rise and fall of many internet-era businesses, he strategically pivoted toward investing in strong technology-driven businesses like IKS.
Kondwar drew a comparison between Jhunjhunwala and Warren Buffett: “You can draw a parallel between Warren Buffett and RJ. Buffett changed his stance by investing in Apple after initially avoiding tech stocks. Similarly, RJ did the same with IKS after the dot-com crash. Both invested in good tech companies at the right time, which led to extraordinary gains.”
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Jhunjhunwala’s ability to spot IKS early, hold onto his position for nearly two decades, and see it surpass Titan in portfolio weightage is an example to his unparalleled investment acumen.
Titan may have defined Jhunjhunwala’s past, but IKS proves his genius wasn’t confined to history. He mastered the art of spotting winners—and, more importantly, holding them long enough to turn them into fortunes.
