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Updated on: Friday, October 01, 2021, 09:33 PM IST

Wellness Forever Medicare files draft papers with Sebi for IPO

PTI
The size of the Initial Public Offering (IPO) of the company, backed by Serum Institute's Adar Poonawalla, is likely to be in the range of Rs 1,500-1,600 crore./Adar Poonawalla | File Photo

The size of the Initial Public Offering (IPO) of the company, backed by Serum Institute's Adar Poonawalla, is likely to be in the range of Rs 1,500-1,600 crore./Adar Poonawalla | File Photo

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Wellness Forever Medicare Ltd, a leading retail pharmacy and wellness network, has filed preliminary papers with markets watchdog Sebi for an initial share sale.

The size of the Initial Public Offering (IPO) of the company, backed by Serum Institute's Adar Poonawalla, is likely to be in the range of Rs 1,500-1,600 crore, according to merchant banking sources.

Apart from a fresh issue worth up to Rs 400 crore, there will be an Offer for Sale (OFS) wherein shares will be offloaded by promoters -- Ashraf Mohammed Biran, Gulshan Haresh Bakhtiani and Mohan Ganpat Chavan -- and other shareholders.

The proceeds from the fresh issue will be utilised for funding capital expenditure for setting up of new stores as well as incremental working capital requirements, repayment/ pre-payment of borrowings and for general corporate purposes, according to the Draft Red Herring Prospectus (DRHP).

The OFS will include sale of up to 1.60 crore equity shares. Around 7.20 lakh shares each will be on offer by Biran and Bakhtiani. Besides, Chavan will offload up to 1.20 lakh shares and up to 144.85 lakh shares by other existing shareholders.

IIFL Securities, Ambit Pvt Ltd, DAM Capital Advisors Ltd, and HDFC Bank are book running lead managers to the issue.

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Published on: Friday, October 01, 2021, 09:33 PM IST
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