Online pharmacy store PharmEasy is set to file draft papers with the Securities and Exchange Board of India (SEBI) by October, sources close to the matter told The Economic Times.
Earlier this month, it was reported that PharmEasy was aiming to raise $9 billion through the IPO. In July, SoftBank Group was in talks with PharmEasy’s parent company API Holding’s for investment. According to sources, the discussion did not materialize.
“That hasn’t materialised and both parties are unlikely to go back to the deal table. SoftBank is not taking it ahead,” sources said.
“They are looking to submit IPO papers by October and then list in the next couple of months. It may spill over to next year, but the aim is to list before the end of the current financial year,” sources told The Economic Times.
“PharmEasy wants to set a new valuation benchmark before the IPO,” another person added.
The pharmacy store is in talks with investors to raise $200 to 300 million at a valuation of $5.6 billion, sources said.
PharmEasy was founded in 2015 by Dharmil Sheth and Dhaval Shah. The store currently delivers medicines in 1,000 cities and offers diagnostic services in all major cities and towns. In May 2021, PharmEasy acquired Medlife, becoming the largest online pharmacy in the country. In June API Holdings Ltd bought a 4,546 crore worth stake in Thyrocare Technologies.