PharmEasy Parent company withdraws IPO plans
Stewing volatility in stock requests, API effects, the parent company of healthtech unicorn PharmEasy, has withdrawn its draft red herring prospectus (DRHP) that it had filed with the Securities and Exchange Board of India (Sebi), the company informed its shareholders in a note.
The pre-IPO draft papers, which were filed late last time, are being withdrawn due to “request conditions and strategic considerations”, the company said in a notice. The capital requests controller had, still, approved the company’s Rs 6,250- crore IPO. Still, the company intends to raise finances to finance its expansion and growth plans.
The communication added that the company would raise fresh finances via a rights issue at an issue price of Rs 100 per share, operations for which will open “from on or around the first week of September”. The type of instrument to be used for the fund rise will be mandatory convertible preference shares (CCPS), and the issue price is “anticipated to be around Rs 100 per CCPS”, it added.
In November last time, the company had filed its DRHP with the request controller for Rs 6,250- crore original public immolation (IPO). The notice publicizing the pull-out of IPO DRHP comes around a month after a Reuters report, citing sources, claimed that PharmEasy is in addresses with investors to raise $200 million, but at a valuation that could be 15-25% lower than last time’s $5.1 billion.
In February, Sebi had floated a discussion paper, proposing further exposures and translucency from NATCs with respects to their operating criteria. The controller wants companies to justify the valuations they’re asking for by furnishing details of crucial performance pointers (KPIs), among others.
“As you may be apprehensive, due to request conditions and strategic considerations, the company has withdrawn, its draft red herring prospectus which was filed with (the) securities (and) exchange board of India on November 9, 2021, ” the company said in the note to its shareholders.
The journey of PharmEasy was started in 2015, Phamreasy founders Dharmil Sheth, an MBA from IMT Ghaziabad and Dr Dhaval Shah, MBBS from Rajiv Gandhi Medical College and MBA from XLRI Jamshedpur, came up with the idea of an online pharmacy to make healthcare affordable and accessible to one and all.
What is PharmEasy?
PharmEasy is a consumer healthcare “super app”. PharmEasy is a consumer healthcare “super app” that provides consumers with on-demand, home delivered access to a wide range of prescription, OTC pharmaceutical, other consumer healthcare products, comprehensive diagnostic test services, and teleconsultations thereby serving their healthcare needs.
Products & services
PharmEasy is one of the best mobile app in India which is offer it users for online medicine, Health Care products and medical lab test at their home door step within few minutes from booking done.
- Order Medicine
- Healthcare Products
- Lab Tests