API Holdings, the parent company of pharmacy platform PharmEasy, has filed draft red herring prospectus (DRHP) for an IPO with the SEBI. The company seeks to raise Rs 6,250 crore via fresh equity issuance. Moneycontrol broke this story on PharmEasy’s IPO plans.
API Holdings is also exploring the option of a pre-IPO fundraise via private placement to the tune of Rs 1,250 crore. If Pre-IPO round is done, it will reduce the amount from the IPO issue size.
The IPO is the primary issuance and the fund will used to prepay or repay an outstanding debt of Rs 1,929 crore, fund organic growth initiatives aggregating to Rs 1,259 crore, pursue inorganic growth through acquisitions and other strategic initiatives totalling Rs 1,500 crore, and for general corporate purposes.
Kotak Mahindra Capital Company Ltd, Morgan Stanley India Company Private Ltd, BoFA Securities India Limited, Citigroup Global Markets India Private Ltd, JM Financial Ltd are bankers to the public issue.
The company’s revenue from operations jumped to Rs 2,335 crore in FY21 from Rs 668 crore in the previous year. In the first quarter of the current fiscal, its revenue from operations stood at Rs 1,197 crore.
The company’s net loss in FY21 widened to Rs 645 crore from Rs 335 crore in the previous year. In June quarter of 2021-22, the figure reached Rs 314 crore.
Its proforma GMV in FY21 stood at Rs 787 crore, while in Q1FY22, it was Rs 303 crore. Proforma GMV includes Ascent, Medlife, Aknamed and others.
API Holdings aims to be a professionally managed company after the listings.
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