I defeated Prakherash 5 times a while ago, but I am still trying to figure out this weapon. I checked subetalodge as well as the weapons guide here, and apparently this weapon is still testing. I used it in battle once with my tier 12 pet, and occasionally, I would heal 700 HP, but most of the time, I don't heal anything. Also the light blocker was kept low. Any and all help will be appreciated.
As far as I know, it's a weapon dropped by Prakherash who was released Dec 24, 2015. I looked at the last pages of Battle Chat, and while there were some quick testing (including by me), there weren't enough testers and pets to put together the scaling puzzle. Also, there were initial bugs, although fixed, that hampered the tests.
To the best of my knowledge, its light defense of 10 to 50 icons scales by your pet's speed. Also, it doesn't heal when your pet's close to full health, but rather below a predetermined percentage, then it heals 7 percent to a max of 700hp.
Overall, it's not a particularly great weapon, and the Dark Goddess Rod is a better alternative, especially for smaller pets who can't make use of the scaling right away. Plus you can get one once you hit 22k stats.