Startup season: Online medical store PharmEasy targets $842 mn IPO

Indian digital healthcare platform PharmEasy filed on Wednesday 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 30.26 billion rupees.

API Holdings Ltd, PharmEasy’s parent, may also consider a further issue of equity shares via a private placement of up to 12.50 billion rupees, the company said in its draft red herring prospectus dated Nov. 8.

The company counts technology-focused venture capital firm Naspers and entities related to global investment group CDPQ and private-equity firm TPG among its investors.

In a bid to diversify its operations, the firm had acquired Thyrocare Technologies, India’s largest diagnostic test provider by volumes, in September.

PharmEasy’s IPO filing comes on a day when Indian fashion e-commerce startup Nykaa is set to debut on stock exchanges, while fintech platform Paytm closes subscription prior to its debut.

Citigroup Global Markets India, JM Financial Ltd, Kotak Mahindra Capital, Morgan Stanley India and BoFA Securities India are joint bookrunners in API Holdings’ IPO.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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