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PharmEasy Eyes a Valuation of $9 Billion through IPO
PharmEasy, India's leading online drugstore is keen to raise 1 billion dollars at a valuation of 9 billion dollars in its initial public offering (IPO) that is likely to be issued later this year. Furthermore, it is also reportedly said that the raising would be done by selling new shares instead of the existing ones, which hints that none of the existing shareholders, founders or investors would sell out their shares.
PharmEasy has been working with its advisers on the potential of the offering and would soon give out the IPO. The online drug store major backed by companies like Prosus Ventures, CDPQ, Temasek, and TPG Growth is looking forward to filing a draught prospectus by the end of October this year.
The decision taken by the company to roll out new shares is totally based on its confidence regarding the company's potential and its market position. PharmEasy's market potential has already attracted several big companies that include the TATA Group and Reliance Industries into its business and now this entire IPO proceeding would aid to expand the growth opportunities.
Further, the two unnamed individual’s states that the company is on the lookout for similar opportunities in the future. Earlier in April, the company secured about 350 million dollars from Prosus Ventures and TPG Growth and evolved as the first Indian pharmacy unicorn followed by the purchase of a controlling stake in Thyrocare Technologies in June.
Established by Dhaval Shah and Dharmil Sheth in 2015 as a startup company, PharmEasy has now become one of the leading online pharmacy platforms. It has till now delivered more than 15 million orders including medicines, healthcare products, diagnostic services, and many more to families across the country. PharmEasy at this moment covers more than 1,000 cities in the country. Furthermore, it has seen unprecedented growth in 2020 during the pandemic period.
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