TPG-Backed PharmEasy Owner Withdraws India IPO Application
- Online pharmacy firm plans rights issue to raise fresh funds
- India’s IPO market in a slump after strong volumes in 2021
This article is for subscribers only.
API Holdings Ltd., owner of India’s largest online pharmacy PharmEasy, has withdrawn its preliminary filing for an initial public offering, citing market conditions and strategic considerations.
The Mumbai-based company is planning to raise funds via a rights issue for convertible preference shares, according to an announcement to investors seen by Bloomberg News. The price is expected to be 100 rupees ($1.25) per share and is set to open around the first week of September, the document showed.