Pharm Easy Plans to File IPO Papers by October

India’s largest e-pharmacy platform Pharm Easy 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.

Pharm Easy is on track for an IPO but is still negotiating with new investors to raise between $200 million and $800 million at a valuation of around $5.6 billion, the sources added.

API Holdings, which runs Pharm Easy, 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.

Over the last few months, the company has raised over $650 million from investors such as Prosus (formerly Naspers), B Capital, TPG and others. S-ET

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