Mumbai | Jagran Business Desk: Stock market regulator Securities and Exchange Board of India (SEBI) approved the initial share sales of two medicare players, namely API holdings which operates PharmEasy and Wellness Forever Medicare backed by Serum Institute of India’s Adar Poonawala. The other third major IPO that has received SEBI approval is metal recycling firm CMR Green Technologies.
SEBI has issued the observation letters to the three companies, an effective approval to allow the three firms to float their IPOs. Together, their total IPO targets are upward of Rs 8,000 crore.
PharmEasy IPO
PharmEasy’s IPO will comprise of the primary share sales of Rs 6,250 crore. Of these, the Mumbai-headquartered company will utilise Rs 1929 crore of the IPO money to repay or prepay the borrowings. Over 1200 crore will be utilised to reportedly fund ‘organic growth initiatives’. As pe Livemint, PharmEasy will use Rs1500 crore on ‘inorganic growth opportunities through acquisitions and related strategic plans.
Adar Poonawala-backed Wellness Forever targets above Rs 1500 crore IPO: Report
According to a report in Livemint, Wellness Forever Medicare Limited is aiming to target the amount upwards of Rs 1500 crore through its Initial Public Offering.
The IPO consists of a fresh issue of equity shares aggregating to ₹400 crore and an offer for sale up to 16,044,709 equity shares, as per the Draft Red Herring Prospectus (DRHP).
As part of OFS, up to 7,20,000 equity shares will be offloaded by Ashraf Mohammed Biran, up to 720,000 equity shares by Gulshan Haresh Bhahtiani, up to 120,000 equity shares by Mohan Ganpat Chavan and up to 14,484,709 equity shares by other existing shareholders.
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