Sebi approves three IPOs including PharmEasy
Premium- According to an update with Sebi, the regulator has issued observation letters to other two companies Wellness Forever Medicare, CMR Green Tech, effectively giving nod to float their IPOs.
Markets regulator Sebi (Securities and Exchange Board of India) has approved the initial share sales of API Holdings, which operates PharmEasy, Adar Poonawalla-backed Wellness Forever Medicare and metal recycling firm CMR Green Technologies.
According to an update with Sebi, the regulator has issued observation letters to the three companies, effectively giving nod to float their IPOs.
API Holdings had filed its draft red herring prospectus (DRHP) with SEBI in November last year on the back of a slew of IPOs and listings of new age companies such as Zomato, PolicyBazaar and Paytm.
PharmEasy's IPO will only be a primary share sale of shares of ₹6,250 crore. The company will use ₹1,929 crore from the IPO proceeds to repay or prepay borrowings and ₹1,259 crore to fund organic growth initiatives. It will also allocate ₹1,500 crore on inorganic growth opportunities through acquisitions and other strategic initiatives.
The company may also consider a private placement aggregating up to ₹1,250 crore. If such placement is completed, the fresh issue size will be reduced, it noted.
Wellness Forever Medicare Ltd, an omni-channel retail pharmacy, plans to mop-up ₹1,500-1,600 crore through its IPO, as per market sources.
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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Recently, the pharmacy chain announced the nomination of three new independent directors -- Avani Davda, Ranjit Shahani, and Kewal Handa -- to its board of directors, with broad experience in banking, healthcare, and retail.
CMR Green Technologies' IPO comprises fresh issuance of equity shares worth ₹300 crore and an OFS of 33,414,138 equity shares by promoters and investors, as per the draft papers.
Those offering shares in the OFS include promoters -- Gauri Shankar Agarwala will sell 34.33 lakh equity shares, Kalawati Agarwal will offload up to 33.45 lakh equity shares and Mohan Agarwal and Pratibha Agarwal will divest up to 30.09 lakh equity shares each -- and investor -- Global Scrap Processors -- will sell up to 1.99 crore equity shares.
Proceeds from the fresh issue will be utilised towards payment of debt and general corporate purposes.
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