pharmeasy: Rs 6,250 Chlore IPO PharmEasy File, Existing Shareholders Will Not Sell Shares

API Holding, the parent company of digital healthcare platform PharmaEasy, filed for an initial public offering (IPO) of up to Rs 6,250 on Tuesday. There is no for sale (OFS) component for this issue. That is, existing shareholders of PharmEasy do not sell their shares in the company at this time.
Prosus Ventures, TPG Growth, CDPQ, and Temasek are among the top investors in Pharm Easy. Their decision not to cash out during the IPO shows that PharmaEasy investors are confident about the company’s growth potential.
PharmEasy’s IPO filing takes place on the day fashion e-commerce startup Nykaa goes public at a premium of 79% above the stock exchange’s issue price and fintech platform Paytm terminates its subscription prior to its debut.
PharmEasy is also considering pre-IPO funding through a private placement of Rs 1,250. Upon completion of the pre-IPO round, the raised amount will be reduced from the IPO’s issuance size and the minimum issuance size will make up at least 10 percent of the paid-in equity capital after issuance.
The company has already raised $ 350 million (Rs 263.52) in a new equity finance round from a number of new investors in October, valuing it at $ 5.6 billion (Rs 42,197.79). Major funding worth $ 205 million includes Singapore-based Amanza Capital, Hong Kong-based hedge fund ApaH Capital, US hedge funds Janus Henderson, OrbiMed, Steadview Capital, and Abdavi-based sovereign wealth funds. Secured by new investors such as Fund ADQ and New York. Based hedge fund Neuberger Berman and Sanne Group in London. In April, it raised $ 350 million from Prosus Ventures (formerly Naspers) and TPG Growth, valuing $ 1.5 billion, making it the first Indian electronic pharmacy unicorn.
To date, PharmaEasy has raised over $ 1.2 billion in equity and debt. Aiming to diversify its business, the company acquired India’s largest diagnostic test provider, Thyrocare Technologies, for $ 600 million in June 2021. In May 2021, we completed the acquisition of our small rival Medlife, making it the largest online pharmacy and healthcare aggregator in the country. In September 2021, the company acquired a majority of Bangalore-based technology-focused healthcare supply chain startup Akna Medical for a private amount.
The newly issued revenue will be used to prepay or repay the outstanding debt of Rs 1,929. We will spend Rs 1,259 to fund organic growth initiatives through acquisitions and other strategic initiatives, and an additional Rs 1,500 to opportunities for inorganic growth.
Kotak Mahindra Capital Company Ltd, Morgan Stanley India Company Private Ltd, BoFA Securities India Limited, Citigroup Global Markets India Private Ltd and JM Financial Ltd are bankers in public affairs.
Pharm Easy was founded by Sheth and Shah in 2015 and merged with investor Ascent Health to form API Holdings in 2019. The five founders of API Holdings, Siddharth, Hardik, Harsh, Dharmil and Dhaval, are childhood friends and are generally “Gatcopper gangsters” who grew up in the suburbs of Gatcopper in Mumbai.
According to the RedSeer report, API Holdings is India’s largest digital healthcare platform based on the Total Merchant Value (GMV) of products and services sold in the year ended March 31, 2021. It provides digital tools and information on illness and health, provides remote consultation, provides diagnostics and radiological examinations, and provides solutions to consumer medical needs that provide treatment protocols including products and devices.

pharmeasy: Rs 6,250 Chlore IPO PharmEasy File, Existing Shareholders Will Not Sell Shares

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