market regulator SEBI (Securities and Exchange Board of India) has approved the initial share sale of API Holdings, which operates PharmEasy, Adar Poonawalla-backed Wellness Forever Medicare and metal recycling firm CMR Green Technologies.
According to an update with SEBI, the regulator has issued observation letters to three companies, effectively giving their nod to issue their IPOs.
API Holdings had filed its draft red herring prospectus (DRHP) with Sebi in November last year on the back of several IPOs and listing of new age companies such as Zomato, PolicyBazaar and Paytm.
PharmEasy’s IPO will be a primary share sale of shares of only 6,250 crores. company will use 1,929 crore borrowings or prepayment proceeds from the IPO and 1,259 crore to fund organic development initiatives. it will also allocate 1,500 crore on inorganic growth opportunities through acquisitions and other strategic initiatives.
The company may also consider a private placement overall 1,250 crores. If such placement is completed, the size of the new issue will be reduced, it noted.
Wellness Forever Medicare Ltd., an omni-channel retail pharmacy, plans to mop-up 1,500-1,600 crore through its IPO, according to market sources.
IPO consists of a fresh issue of equity shares in total 400 crore and offer for sale up to 16,044,709 equity shares, as per the Draft Red Herring Prospectus (DRHP).
As part of the OFS, up to 720,000 equity shares will be offloaded by Ashraf Mohammad Biran, up to 720,000 equity shares by Gulshan Haresh Bhatiani, up to 120,000 equity shares by Mohan Ganpat Chavan and up to 14,484,709 equity shares by other existing shareholders.
Recently, the pharmacy chain announced the nomination of three new independent directors – Avani Davda, Ranjit Shahani and Kewal Handa, who have vast experience in banking, healthcare and retail, to its board of directors.
CMR Green Technologies’ IPO includes fresh issue of equity shares 300 crore and 33,414,138 equity shares of OFS by the promoters and investors, as per the draft paper.
The promoters who will offer shares in the OFS include – Gauri Shankar Agarwal will sell 34.33 lakh equity shares, Kalawati Agarwal will sell 33.45 lakh equity shares and Mohan Agarwal and Pratibha Agarwal will sell 30.09 lakh equity shares each – and investors – – Global Scrap Processor – Will sell 1.99 crore equity shares.
The proceeds from the fresh issue will be used for repayment of loans and for general corporate purposes.
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