pharmeasy ipo: PharmEasy father or mother to file DRHP quickly for Rs 6,000-7,000 crore IPO


Bengaluru: API Holdings, the father or mother entity of India’s largest e-pharmacy PharmEasy, is about to file a draft pink herring prospectus within the subsequent 7-10 days for a Rs 6,000-7,000 crore preliminary public providing, individuals conscious of the matter mentioned.

The PharmEasy IPO is anticipated to be a totally major share sale.

With this, PharmEasy will be a part of a slew of top-tier startups which might be set to go public this yr, buoyed by the
report Rs 9,000-crore itemizing by Zomato in July. Whereas
Paytm, Nykaa and Policybazaar are launching their IPOs round Diwali, PharmEasy is more likely to be a publicly traded agency earlier than the top of the present monetary yr. Logistics tech startup Delhivery
can also be within the ultimate levels of submitting its draft IPO papers subsequent week.

“PharmEasy is trying to increase anyplace between Rs 6,000 crore and Rs 6,500 crore from the IPO. The DRHP could be a minimal of Rs 6,000 crore — and so they may doubtlessly improve it by one other 20% ( as per Sebi guidelines),” an individual conscious of the plans mentioned. “It’s a totally major share sale.”

The corporate, which was
one of many nominees for the Startup of the 12 months award on this yr’s The Financial Instances Startup Awards, was aiming to file the draft IPO papers by October, however it took time to shut its pre-IPO spherical. “That’s why it has spilled into early November now,” a supply mentioned.

2021 has confirmed to be a report yr for startups with
unprecedented capital influx to the sector.
Paytm’s Rs-18,300 crore IPO is about to be the largest ever in Indian company historical past. In response to an IVCA-Preqin report, enterprise capital funding in Indian startups was at a report excessive of $26 billion as of October 7.

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Pre-IPO Spherical

The Mumbai-based e-pharmacy lately
closed a virtually $350-million pre-IPO spherical, as reported by ET, earlier this month. Subsequently, it was valued at round $5.6 billion.

“It (PharmEasy) will record at a better valuation than the pre-IPO spherical, after all, however that’s not finalised but. It desires to cost it in a approach so there’s room for extra progress (in valuation) after the itemizing,” mentioned one individual within the know.

A PharmEasy spokesperson declined to remark.

“The paperwork is finished. Nobody (traders) actually needed to promote within the IPO. There’s sufficient bullishness to cost the IPO at greater than $8 billion however it (PharmEasy) will take a name on that near the itemizing after the DRHP is filed,” mentioned one other individual conscious of the corporate’s pondering.

Acquisition Spree

The corporate can also be in talks to select up nearly 49% stake in enterprise useful resource planning agency Marg ERP, in response to sources within the know.

Marg, based in 1992, affords enterprise software program merchandise with specialisation within the pharmaceutical and FMCG commerce with options round customised stock, accounting and digital funds for small and medium companies. “It will almost be a Rs 400 crore deal and the discussions are in superior levels,” mentioned an individual cited above.

An e-mail despatched to Marg ERP remained unanswered.

In September, ET had reported that PharmEasy
had closed a $180-190 million acquisition of cloud-based hospital provide chain administration startup Aknamed. Previous to this, the corporate
made its largest acquisition but, that of diagnostics chain Thyrocare Applied sciences Ltd. for over $600 million in June. These acquisitions are a part of its transfer to broaden its positioning as a digital healthcare platform quite than simply being an e-pharmacy participant.

The corporate has raised a complete of $1 billion, together with secondary funding, in 2021.

PharmEasy
entered the unicorn membership at a valuation of $1.5 billion in April when Prosus Ventures, TPG and others led a $350-million funding spherical. Its valuation had jumped to round $4 billion after the Thyrocare deal.

Singapore-based Amansa Capital, Blackstone-backed hedge fund ApaH Capital, US hedge fund Janus Henderson, OrbiMed, Steadview Capital, Abu Dhabi’s sovereign wealth fund ADQ, hedge fund Neuberger Berman and London’s Sanne Group are amongst PharmEasy’s new traders who participated in lately closed pre-IPO spherical.

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