Healthcare
PharmEasy plans to file IPO papers by October
27 Aug 2021
India's largest e-pharmacy platform PharmEasy is gearing up to file draft papers by October before an Initial Public Offering (IPO) later in the fiscal year, sources said.
This comes at a time when discussions with Japan’s SoftBank for a new funding round have fallen through, the sources who are familiar with the development told ET.
PharmEasy is on track for an IPO but is still negotiating with new investors to raise between $200 million and $300 million at a valuation of around $5.6 billion, the sources added. API Holdings, which runs PharmEasy, was valued at $4.2 billion in June.
It was not immediately clear who the potential new investors were and if such an investment would close before it files the Draft Red Herring Prospectus (DRHP) with capital markets regulator, the Securities and Exchange Board of India (Sebi). API Holdings is working with JM Financial and Kotak Investment Banking for the DRHP, since the two banks had managed its purchase of diagnostics chain Thyrocare in June.