Adar Poonawalla-backed Wellness Forever working on $160 million IPO: Report
In November 2020, Wellness Forever had raised Rs 130 crore from HNIs led by Adar Poonawalla.
April 26, 2021 / 02:43 PM IST
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Retail pharmacy chain Wellness Forever, backed by investors such as Serum Institute of India CEO Adar Poonawalla, is planning to raise Rs 1,000 - Rs 1,200 crore ($160 million) through initial public offering (IPO).
Wellness Forever will be the first pharmacy retail chain to list on the Indian stock exchanges, Mint reported.
The company is targeting an IPO within the current calendar year, the report said. The public offer will be a mix of primary and secondary share sales.
"The company has already appointed investment banks and other advisers for the IPO. The work on its draft red herring prospectus is expected to begin soon," a source told the paper.
Moneycontrol could not independently verify the story.
Wellness Forever had not yet responded when contacted by Mint.
A source, as per the report, said that Wellness Forever ominchannel pharmacy retail chain needs money to add hundreds more stores and expand to more states.
"So far they have been funded mostly by HNIs (high net-worth individuals) and family offices. The IPO will see some of those investors sell part of their stakes in the company," the source said.
In November 2020, the company had raised Rs 130 crore from HNIs led by Poonawalla.