The Adar Poonawalla backed omni-channel retail pharmacy chain known as Wellness Forever Medicare Ltd has filed for an IPO to raise Rs 1,600 crore.
The IPO includes a fresh equity shares issue of Rs 400 crore and an offer for sale to the tune of 16.4 million shares from existing shareholders. Serum Institute of India will be one selling most of their shares in the IPO upto 35.5 lakh shares.
From the total amount, Rs 100 crore will be used to make repayments and Rs 70.20 crore will be utilised towards expanding the business. With that Rs 121.90 crore will also be used increasing the working capital.
Details About Wellness Forever IPO
- The company is planning to raise Rs 1,600 crore through IPO.
- Adar Poonawalla will be selling upto Rs 15.2 lakh shares through his entity Rising Sun Holdings.
- Ashraf Biran and Gulshan Bakhtiani will be selling 7.20 lakh shares. While Mohan Chavan is offering 1.20 lakh shares. The remaining shares will be offered by the other shareholders.
- The Allana Group is expected to sell almost half of their shares from the 6.67% stake which they own in the company.
- Amit Patni (co-founder of Patni Computers and later sold to iGate) will be selling 3 lakh shares via Raay Global Investments.
- Investor Rajiv Dadlani is selling approximately 5.22 lakh shares.
- The company has partnered with IIFL Securities, Ambit Pvt, DAM Capital Advisors and HDFC Bank to look over the book and be the lead managers for the IPO.
- Talking about the financial performance, the company had a revenue of Rs 924.02 crore on March 31,2021. As compared to Rs 863.25 of last year.
About The Company
Wellness Forever Medicare Ltd. is a Mumbai based company started in 2008 by Ashraf Biran, Gulshan Bakhtiani and Mohan Chavan. It is one of the second largest companies in the country and serves more than 6.8 million customers and employs more than 4,600 people across its presence in 23 cities with 234 stores pan india.
The company is known for offering a self-serve shopping experience of pharmaceutical and wellness products. Currently their app features 91,500 products and each of their stores have at least 13,000 products. Which includes FMCG products, nutraceuticals, medical instruments along with the standard prescription medicines.