Financial Insights

SEBI approves the IPO of PharmEasy

Market regulator Securities Exchange Board of India has approved the IPO of Mumbai-based API Holdings, the parent company of PharmEasy, worth Rs 6,250 crores.

The company is an integrated, end-to-end business that aims to provide solutions for healthcare needs of consumers providing digital tools and information on illness and wellness, offering teleconsultation, offering diagnostics and radiology tests, and delivering treatment protocols including products and devices.

API Holdings had filed its DRHP in November last year. The IPO will be a primary sale of shares worth Rs 6,250 crores of which Rs 1,929 crore will be used for repaying or prepaying borrowings, Rs 1,259 crores to fund any organic growth opportunities & Rs 1,500 crores on inorganic growth opportunities such as acquisitions. The company is also considering a private placement of Rs 1,250 crores which, if completed, will reduce the size of the IPO.

The company has acquired a majority stake in Thyrocare Technologies recently. Kotak Mahindra Capital Company, Morgan Stanley India Company, BofA Securities India, Citigroup Global Markets India and JM Financial are the lead bankers of the issue.

In other news, SEBI has also approved the IPO of CMR Green Technologies and Wellness Forever Medicare which is backed by Adar Poonawalla.

Highlight by Aman Agarwal.

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