Connect with us

Headlines of The Day

PharmEasy plans to file IPO papers by October

Online pharmacy PharmEasy, owned by API Holdings Private Limited, is planning to file its draft red herring prospectus (DRHP) with market regulator SEBI by October, reported The Economic Times, citing sources. The IPO is likely to hit the market later this fiscal year.

Reports earlier said that PharmEasy is aiming a valuation of $9 billion after its initial public offering and that it has already hired Morgan Stanley and Kotak Mahindra Capital as advisers for IPO.

According to the ET report, while PharmEasy was looking to secure another round of funding from SoftBank, the discussions did not materialise as desired. The chances of SoftBank returning to the negotiation table are said to be slim.

Nonetheless, PharmEasy is still looking to raise $200-300 million at a valuation of $5.6 billion from new investors. The company has already raised over $650 million from investors such as Prosus, B Capital, TPG, and others in the last few months.

API Holdings, the parent firm of PharmEasy, was valued at $4.2 billion in June. The company has recorded a threefold valuation jump in less than four months.

In May this year, PharmEasy acquired its rival Medlife to become India’s largest online drugstore. Later in June, the company bought a majority stake in Thyrocare Technologies Limited for $611 million.

The company’s current valuation is estimated at $1.5 billion, making it the first Indian e-pharmacy unicorn. Significantly, PharmEasy is the only large independent player remaining in the space as Mukesh Ambani-led Reliance has acquired 60 percent stake in Netmeds and Tata Group has bought 1mg.

Founded by Dharmil Sheth and Dhaval Shah in 2015, PharmEasy delivers medicines in more than 1,000 cities and offers diagnostic services in all major cities and towns in India. CNBCTV18

Copyright © 2024 Medical Buyer

error: Content is protected !!