PharmEasy eyeing on $9 billion IPO valuation: Reports
As per news source, PharmEasy, the online pharmacy, is targeting to raise a billion dollars at a valuation of $9 billion in its initial public offering later this year.
The parent company of PharmEasy, API Holdings, by selling new shares will raise the entire amount, sources said.
The existing shareholders which includes the founders and investors will not sell their shares in the IPO.
The decision not to cash out their stakes during the IPO indicates confidence among PharmEasy’s investors about the growth potential of the company and the online pharmacy market.
“The entire proceeds of the listing will be used to pursue growth opportunities," one of the sources said. “The company plans to make more acquisitions in the near future and has been on the lookout for suitable targets that match its long term objectives."
by Dharmil Sheth and Dhaval Shah in 2015, PharmEasy has seen its valuation jump threefold in less than four months.
In April, it raised about $350 million from Prosus Ventures (formerly Naspers) and TPG Growth at a valuation of $1.5 billion, becoming the first Indian e-pharmacy unicorn.
Earlier there were news reports in June that PharmEasy hired Morgan Stanley and Kotak Mahindra Capital as advisers for its IPO.
Virescent Infrastructure collaborates with IBM and SAP to start its hybrid cloud journey
IBM announced that Virescent Infrastructure, a renewable energy platform backed by leading...
Aeris Communications announces Enterprise Voice Solution - Claerityai
Aeris Communications has launched the Enterprise Voice Solution – Claerityai –...
Zoom is coming with Innovations to Ignite the Next Era of Communications
Zoom has kicked off Zoomtopia 2021, unveiling plans for innovations across its platform de...
Trescon's World Cloud Show Comes Back to India for the 3rd Time with its 10th Global Edition
Taking place on 15 September 2021, the event will virtually convene India' leading Clo...
VIA unveils VIA Mobile360 Heavy Equipment Safety System at MINEXPO® 2021
VIA Technologies, Inc. today announced that it will unveil its new VIA Mobile360 Heavy Equ...
19th Infotech Forum highlights that the pandemic fast-tracked Digital Transformation escalating importance of data and security
Digital technology has transformed nearly every aspect of life, starting from travel, work...