Online drugstore PharmEasy, which bought diagnostic chain Thyrocare in June, aims to raise a billion dollars at a valuation of $9 billion in its initial public offering later this year, two people directly aware of the company’s plans said. None of the existing investors will be selling their stake and IPO proceeds will reportedly be used for growth opportunities. PharmEasy recently acquired a majority stake in diagnostic chain Thyrocare for ₹4,546 crores. 

API Holdings Ltd, the parent of PharmEasy, will raise the entire amount by selling new shares, the people said on condition of anonymity. They said none of its existing shareholders, including its founders and investors, will sell their shares in the IPO.

Nykaa and Policybazaar are set to file documents within a week for their initial share sales, with both issues proposing to raise Rs 11,000 crore between them at a time when consumer-focused companies are redefining the valuation leaderboard of India in excessive bumpers over- subscriptions.

 “Primarily, it will be an offer for sale (OFS) by initial investors, and about 10 per cent of the offered size is a fresh issue. The company does not need funds as it has utilised only half of the $70 million it raised so far, and the balance is lying in cash,” said one of the persons quoted above. “The promoter would be selling only a small portion and will hold the majority stake after the IPO.”

Zomato the food delivery firm was subscribed 38.25 times over the 71.92 crore shares that were on offer during the subscription period from July 14-16, 2021. The price band was fixed at Rs 72-76 per share.

Zomato IPO received bids of over 2,751.27 crores (27,51,27,77,370) shares against the total issue size of over 71.92 crores (71,92,33,522) shares, data available with the National Stock Exchange (NSE) showed.

US retail giant Walmart owns a retail majority stake in the Indian e-commerce retailer Flipkart. Walmart has said it is “open to an IPO” for its Indian e-commerce arm Flipkart but there is “no specific timeline” for the share sale. 

Flipkart and payment app phone pay continue to do well. Walmart International President and CEO Judith McKenna said while speaking at the DBAccess Global Consumer Conference on June 7.

“We always made it clear from the day we made the acquisition or the investment, that we would be open to an IPO,” said McKenna. However, she noted that there is no specific timeline for the IPO.

Wadia Group-backed GoAir has been rebranded as ‘Go First’ as the airline is betting big on its ultra-low-cost business model to drift over the effect of the COVID-19 pandemic. The airline is also assembling to go for an initial public offering (IPO) to raise funds for its expansion plans. 

According to an official release, Go First is positioned to get ahead of its peer group by operating with the ULCC model. The ULCC model comprises the youngest average fleet among Indian low-cost carriers, the majority of which are Airbus A320 Neos. CEO of Go First Kaushik Kohna said the airline has stayed resilient during the really tough times in the past 15 months.