Online medical store PharmEasy targets $842 mln India IPO (updated)

JM Financial

10/11/2021 03:54

(Adds details from filing and context)
    BENGALURU, Nov 10 (Reuters) - 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 https://bit.ly/3c0aBGJ 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. 
    
    ($1 = 74.1900 Indian rupees)

 (Reporting by Anuron Kumar Mitra and Shivani Singh in
Bengaluru; Editing by Sherry Jacob-Phillips)
 ((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))