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This omnichannel retail pharmacy chain’s IPO, which would be second only behind Hyderabad-based MedPlus, which filed its DRHP in August, will comprise of fresh equity share issuance of Rs 400 crore and an offer for sale of Rs 1.6 crores of equity.
- IPO to raise Rs 1.6 crores.
- WELLNESS FOREVER sponsored by Serum.
According to their Draft Red Herring Prospectus (DHRP) submitted with regulatory authorities SEBI, Wellness Forever Medicare, sponsored by Serum Institute of India (SII) CEO Adar Poonawalla, intends to collect between Rs 1,500 and Rs 1,600 crore through its initial public offering (IPO).
The IPO of this omnichannel retail pharmacy chain, which comes in second only behind Hyderabad-based MedPlus, which filed its DRHP in August, would include fresh equity share issuance totaling Rs 400 crore and an offer for sale (OFS) of Rs 1.6 crore.
According to the papers, Rs 70.20 crore would be used to support capital expenditures for the opening of new shops, and Rs 100 crore will be used to settle debts in part or in full. In addition, the funds would be utilised to support Rs 121.90 crore in working capital requirements, as well as other general business purposes.
Wellness Forever Medicare’s
The Mumbai-based company, which was started in 2008 by Ashraf Biran, Gulshan Bakhtiani, and Mohit Chavan, is Western India’s premier wellness network and the third-largest chain in terms of store count. Its revenue for the fiscal year ending March 31, 2021 increased to Rs 924.02 crore, up from Rs 863.25 crore the previous year.
The company, which has a presence in 23 cities and 234 shops and employs more than 4,600 people, is recognised for delivering a self-browsing and unique shopping experience, offering about 91,500 medicines and wellness items, with each store containing 13,000 products distributed FMCG products, nutraceuticals, medical instruments along with the standard prescription medicines.
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