PharmEasy to file DRHP for Rs 6,000-7,000 crore IPO by early November : Tech News

Bengaluru: Online pharmacy PharmEasy is set to file its draft red herring prospectus (DRHP) in the next seven-ten days for a Rs 6,000-7,000 crore initial public offering (IPO), said people aware of the matter. PharmEasy’s IPO is expected to be a fully primary share sale, sources said.

With this, API Holdings, the parent of PharmEasy will join a slew of top-tier startups which are set to go public this year joining Zomato which got
listed in July in what was a record-breaking IPO.

While Paytm, Nykaa and Policybazaar will list around Diwali, PharmEasy is likely to be a publicly traded firm before the end of the current financial year. Logistics tech startup Delhivery is also in the final stages of filing its draft IPO paper next week.

“PharmEasy is looking to raise anywhere between Rs 6,000-6,500 crore from the IPO. The DRHP would be a minimum of Rs 6,000 crore and they could potentially increase it by another 20% (as per Sebi rules),” a person aware of the plans said.

“It is a fully primary share sale,” the person added. The company was aiming to file the draft IPO papers
by October but it took time to close its pre-IPO round. “That’s why it has spilled into early November now,” a source added.

Mumbai-based PharmEasy recently closed a nearly
$350 million pre-IPO round as reported by ET earlier this month. Following the pre-IPO round, the company was valued at around $5.6 billion. “They (PharmEasy) will list at a higher valuation than the pre-IPO round but that’s not finalised yet. They want to price it in a way so there is room for more growth (in valuation) after the listing,” a person aware of the company’s thinking said.

A PharmEasy spokesperson wasn’t immediately available for comment when contacted by ETtech.