New Delhi: Wellness Forever IPO – Adar Poonawalla of Serum Institute of India Ltd-backed Wellness Forever is all set to offer its Initial public offering (IPO) soon. The retail pharmacy chain has commenced planning on the IPO which will likely to worth Rs 1,000 crore to 1,200 crore, according to a report by Hindustan Times.
On Indian share market BSE Sensex and NSE Nifty, Wellness Forever will become first pharmacy chain to be listed. Investment banks and advisers have already been appointed by Wellness Forever to look after the IPO. The planning is going on and the procedure over the company’s draft red herring prospectus is likely to begin soon, the Hindustan Times report said.
It has been planned that Wellness Forever IPO subscription will begin within 2021, the report discloses.
Wellness Forever is looking to open more stores and expand its operation at several states. With this IPO, Wellness Forever seeks to garner money via proposed IPO for the expansion of its operations. So far, high net worth individuals and family offices have backed and invested in Wellness Forever, the report says.
In November last year, Wellness Forever received a fund of Rs 130 crore from Serum Institute of India CEO and owner Poonawalla, Rajiv Dadlani, Thakral family, and Amit Patni.
Wellness Forever was founded in 2008. The company has been promoted by Mohan Chavan, Gulshan Bakhtiani, and Ashraf Biran.
“Over the last 12 years, we have touched the lives of lakhs of Indian families by serving them with only the best quality and genuine healthcare products. With over 200+ stores, a comprehensive website and an easy-to-use app, it is only true to say that Wellness Forever is the one-stop destination for your wellness needs be it online or offline,” Wellness Forever said on its website.
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