PharmEasy to Enlist New Investors for $300 Million Pre-IPO Round
- ByStartupStory | October 6, 2021
PharmEasy, is expected to launch a group of investors, including Steadview Capital, IIFL and a US hedge fund to increase its PreIPO round. PharmEasy has already completed a side transaction of around $ 100 million, involving existing investors such as Fundamentum, Eight Road Ventures and others.
Hedge fund Steadview Capital, IIFL and a US hedge fund are in talks to participate in epharmacy PharmEasy’s preIPO funding round.
PharmEasy raises $ 200 million in primary equity from a few investors in the US and Southeast Asia. This will allow it to secure $ 300 million in funding before applying for an initial public offering.
The Economic Times reported in August that Farmasi had set an October deadline for submitting a draft prospectus to the Securities and Exchange Board of India (SEBI).
PharmEasy could receive a $9-10 billion valuation in public listing. However, it can award an IPO award in the amount of 7-8 billion dollars.
New investors are in talks to inject funds into the company through primary and secondary transactions. In a side transaction, existing investors sell some of their shares to new investors and the fund does not go to the company.
In the primary transaction, the company receives funds from the issuance of new shares.
PreIPO funding will be valued at more than ₹5 billion. After that, the company will be worth roughly $ 5.8 billion.
PharmEasy achieved a valuation of $ 4.2 billion in June with the acquisition of diagnostic chain Thyrocare. PharmEasy recently acquired a cloud-based hospital supply chain management startup called Akamed for $180-190 million.
In addition to the PreIPO round, US asset management company Fidelity is in talks to join the company as a lead investor during the IPO.
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