digital healthcare platform PharmEasyThe parent company of API Holding has filed for an Initial Public Offering (IPO).IPO) up to Rs 6,250 crore on Tuesday. There is no offer for sale (OFS) component in this issue, which means that none of the existing FarmEasy shareholders will sell their stake in the company.
Prosus Ventures, TPG Growth, CDPQ and Temasek are among the top investors in PharmEasy. His decision not to cash out during the IPO reflects the confidence of PharmaEasy investors about the company’s growth potential.
PharmEasy’s IPO filing comes on a day the fashion e-commerce startup hero It is listed on stock exchanges at a 79 per cent premium to its issue price, while fintech platform Paytm closes subscriptions before its launch.
PharmEasy is also looking at pre-IPO fundraise of Rs 1,250 crore through private placement. Once the pre-IPO round is completed, it will reduce the amount raised from the IPO issue size and the minimum issue size will be at least 10 per cent of the post-issue paid-up equity share capital of the company.
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The company has already raised $350 million (Rs 2,635.22 crore) in a fresh equity financing round from a group of new investors in October, valued at $5.6 billion (Rs 42,197.79 crore). The $205 million in primary funding was secured from new investors including Singapore-based Amansa Capital, Hong Kong-based hedge fund Apah Capital, US hedge fund Janus Henderson, OrbiMed, Steadview Capital, Abu Dhabi-based sovereign wealth fund ADQ, New York City, and more. based hedge funds Neuberger Berman and London-based San Group. In April, it raised $350 million from Prosus Ventures (formerly) Naspers) and TPG Growth, at a valuation of $1.5 billion, becomes the first Indian e-pharmacy unicorn.
To date, PharmEasy has raised over $1.2 billion in equity and debt funding. In order to diversify its operations, the firm had acquired Thyrocare Technologies, India’s largest diagnostic test provider by volume, for $600 million in June 2021. In May 2021, it completed the acquisition of smaller rival Medlife to become the country’s largest online pharmacy and healthcare aggregator. In September 2021, the company acquired a majority stake in Acna Medical, a Bengaluru-based tech-focused, healthcare supply chain startup for an undisclosed amount.
The proceeds from the fresh issue will be used for prepayment or repayment of outstanding loans of Rs 1,929 crore. It will use Rs 1,259 crore to finance organic growth initiatives while another Rs 1,500 crore will be on inorganic growth opportunities through acquisitions and other strategic initiatives.
Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, BofA Securities India Limited, Citigroup Global Markets India Private Limited, JM Financial Limited are the bankers to the Public Issue.
Founded in 2015 by Sheth and Shah, PharmEasy merged with its investor arm, Ascent Health, in 2019 to form API Holdings. The five founders of API Holdings, Siddharth, Hardik, Harsh, Dharmil and Dhaval are childhood friends, as they are commonly called. ‘Ghatkopar Gang’, as they all grew up in Ghatkopar, a suburb of Mumbai.
According to a report by Redseer, API Holdings is India’s largest digital healthcare platform based on the Gross Merchant Value (GMV) of products and services sold for the year ended March 31, 2021. It is an integrated, end-to-end business that aims to provide solutions for the healthcare needs of consumers by providing digital tools and information on illness and wellness, offering teleconsultation, offering diagnostics and radiology testing perform, and provide treatment protocols including products and equipment.
Prosus Ventures, TPG Growth, CDPQ and Temasek are among the top investors in PharmEasy. His decision not to cash out during the IPO reflects the confidence of PharmaEasy investors about the company’s growth potential.
PharmEasy’s IPO filing comes on a day the fashion e-commerce startup hero It is listed on stock exchanges at a 79 per cent premium to its issue price, while fintech platform Paytm closes subscriptions before its launch.
PharmEasy is also looking at pre-IPO fundraise of Rs 1,250 crore through private placement. Once the pre-IPO round is completed, it will reduce the amount raised from the IPO issue size and the minimum issue size will be at least 10 per cent of the post-issue paid-up equity share capital of the company.
company.
The company has already raised $350 million (Rs 2,635.22 crore) in a fresh equity financing round from a group of new investors in October, valued at $5.6 billion (Rs 42,197.79 crore). The $205 million in primary funding was secured from new investors including Singapore-based Amansa Capital, Hong Kong-based hedge fund Apah Capital, US hedge fund Janus Henderson, OrbiMed, Steadview Capital, Abu Dhabi-based sovereign wealth fund ADQ, New York City, and more. based hedge funds Neuberger Berman and London-based San Group. In April, it raised $350 million from Prosus Ventures (formerly) Naspers) and TPG Growth, at a valuation of $1.5 billion, becomes the first Indian e-pharmacy unicorn.
To date, PharmEasy has raised over $1.2 billion in equity and debt funding. In order to diversify its operations, the firm had acquired Thyrocare Technologies, India’s largest diagnostic test provider by volume, for $600 million in June 2021. In May 2021, it completed the acquisition of smaller rival Medlife to become the country’s largest online pharmacy and healthcare aggregator. In September 2021, the company acquired a majority stake in Acna Medical, a Bengaluru-based tech-focused, healthcare supply chain startup for an undisclosed amount.
The proceeds from the fresh issue will be used for prepayment or repayment of outstanding loans of Rs 1,929 crore. It will use Rs 1,259 crore to finance organic growth initiatives while another Rs 1,500 crore will be on inorganic growth opportunities through acquisitions and other strategic initiatives.
Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, BofA Securities India Limited, Citigroup Global Markets India Private Limited, JM Financial Limited are the bankers to the Public Issue.
Founded in 2015 by Sheth and Shah, PharmEasy merged with its investor arm, Ascent Health, in 2019 to form API Holdings. The five founders of API Holdings, Siddharth, Hardik, Harsh, Dharmil and Dhaval are childhood friends, as they are commonly called. ‘Ghatkopar Gang’, as they all grew up in Ghatkopar, a suburb of Mumbai.
According to a report by Redseer, API Holdings is India’s largest digital healthcare platform based on the Gross Merchant Value (GMV) of products and services sold for the year ended March 31, 2021. It is an integrated, end-to-end business that aims to provide solutions for the healthcare needs of consumers by providing digital tools and information on illness and wellness, offering teleconsultation, offering diagnostics and radiology testing perform, and provide treatment protocols including products and equipment.
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