Indian digital healthcare platform PharmEasy has filed for an initial public offering (IPO) of up to 62.50 billion rupees ($842.43 million), becoming the latest startup in the country to pursue a domestic stock listing. The company provides health services ranging from teleconsultation to radiology tests to home delivery of medical products and devices.
For the three months ended June 30, the proforma gross merchandise value or the total monetary value of all sales for the company stood at Rs 3,026 crore. API Holdings is the parent company of online pharmacy startup PharmEasy, has filed its draft red herring prospectus (DRHP) to raise Rs 6,250 crore in its initial public offering (IPO).
The entire Rs 6,250 crore would be raised as a new issue. The issue does not have any offer for sale (OFS) component, meaning none of PharmEasy’s existing shareholders would be selling their stake in the company as of now.
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PharmEasy would use the proceeds from the IPO to prepay or repay its outstanding debt of Rs 1,929 crore, as per the DRHP. Besides this, the company will also spend Rs 1,259 crore to fund organic growth initiatives and another Rs 1,500 crore would be spent on inorganic growth through acquisitions as well as other strategic initiatives. Kotak Mahindra Capital Company, Morgan Stanley India Company, BoFA Securities India, Citigroup Global Markets India, JM Financial are bankers to the public issue.
