IPO watch: PharmEasy parent API Holdings, Wellness Forever Medicare to launch IPOs
India Today
These companies are Adar Poonawalla-backed Wellness Forever Medicare, API Holdings, the parent company of pharmacy platform PharmEasy, and CMR Green Technologies.
Amid the euphoria over the upcoming initial public offering (IPO) of Life Insurance Corporation of India (LIC), three companies have received approval from the market regulator the Securities and Exchange Board of India (Sebi) to raise funds through their initial share sales.
These companies are Adar Poonawalla-backed Wellness Forever Medicare, API Holdings, the parent company of pharmacy platform PharmEasy, and CMR Green Technologies.
According to the Draft Red Herring Prospectus (DRHP), API Holdings aims to raise Rs 6,250 crore through the IPO.
The IPO will be a primary issuance of equity shares and does not have any Offer For Sale (OFS).
The e-pharmacy startup plans to utilise the net proceeds to prepay or repay an outstanding debt of Rs 1,929 crore, fund organic growth initiatives totalling Rs 1,259 crore, pursue inorganic growth through acquisitions and other strategic initiatives aggregating to Rs 1,500 crore, and for general corporate purposes, according to PTI report.
Wellness Forever Medicare Ltd, an omni-channel retail pharmacy, plans to mop-up Rs 1,500-1,600 crore through its IPO, as per market sources.
The IPO consists of a fresh issue of equity shares aggregating to Rs 400 crore and an offer for sale up to 16,044,709 equity shares, as per the Draft Red Herring Prospectus (DRHP).
