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API Holdings, the parent company of Pharmeasy, one of India's largest (if not the largest) digital healthcare platforms, has withdrawn its DRHP filed with SEBI, stating market conditions and strategic considerations.
For the unversed, Pharmeasy is a digital healthcare platform that provides a variety of health-related services. It offers home delivery of prescription and OTC medicines, assists diagnostics tests & provides teleconsultation from trusted doctors. Founded in 2015, the company delivers in 1,000+ cities, covering 20,000+ pin codes, to its 25 million registered users.
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The company filed its DRHP in early November 2021. At the time, the company was planning for an IPO of Rs 6,250 crores, entirely via fresh issue. The company had disclosed plans like repaying debts and funding growth initiatives in the filing while having big players like Citigroup, BofA Securities, and Morgan Stanley served as issue managers.
The same was approved by market regulator SEBI. However, the company has currently withdrawn its DRHP.
“As you may be aware, due to market conditions and strategic considerations, the company has withdrawn its draft red herring prospectus which was filed with (the) securities (and) exchange board of India on November 9, 2021,” the company said in the note to its shareholders.
However, the company is planning a fundraiser via rights issues. According to the note, shareholders will be receiving offer letters, inviting them to participate in the rights issue. The same is currently said to begin in the first week of September and stay open for a period of 30 days. The issue will consist of Compulsory Convertible Preference Shares which are expected to be priced at around Rs 100 per share.
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Article by Aman Agarwal.
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