Here is all you need to know about these companies before investing in IPOs

Wellness Forever Medicare

The Adar Poonawalla backed pharmacy major had submitted a draft red herring prospectus (DRHP) with SEBI on October 1, 2021, to raise ₹1,500-1,600 crore via IPO. The issue includes a fresh issue of shares worth ₹400 crore and an offer for sale of up to 16,044,709 equity shares.

The Mumbai-based company is one of the largest retail pharmacy and wellness network by number of stores, with a strong presence in western India. The company has a registered customer base of 67 lakh across India and has 236 stores across 23 cities in Maharashtra, Karnataka and Goa. It was formed in 2008 by pharma industry veterans Ashraf Biran, Gulshan Bakhtiani and Mohan Chavan.

The company intends to use IPO proceeds to set up new outlets, repayment or prepayment of debt and to meet working capital expenses.

API Holdings

PharmEasy’s parent company API Holdings has also received the nod from SEBI to launch its public offer. The IPO will entirely be a fresh issue with only a primary share sale of an unspecified number of shares worth ₹6,250 crore.

The IPO proceeds will be used to repay or prepay borrowings, fund organic growth initiatives and inorganic growth opportunities through acquisitions, and other strategic initiatives. The rest of the proceeds will be used for general corporate purposes.

The company was founded by five childhood friends — Siddharth Shah, Hardik Dedhia, Harsh Parekh, Dharmil Sheth and Dhaval Shah — commonly referred to as the Ghatkopar Gang, coming from the suburb of Ghatkopar in Mumbai.

Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, BofA Securities India Limited, Citigroup Global Markets India Private Limited and JM Financial Limited are the book running lead managers to the issue.

Wellness Forever Medicare

IPO watch: These three companies get Sebi nod to launch public offer