The IPO consists of a fresh issue of equity shares up to Rs 400 crore and an offer for sale up to 1.60 crore equity shares, according to DRHP. As a part of OFS, up to 7.20 lakh shares each are on offer by Ashraf Mohammed Biran and Gulshan Haresh Bhahtiani, up to 1.20 lakh shares by Mohan Ganpat Chavan, and up to 144.85 lakh shares by other existing shareholders.
The company is the second pharmacy chain to file for an IPO after Hyderabad-based MedPlus, filed its IPO papers in August.
Wellness Forever proposes to utilize net proceeds from the fresh issue to the tune of Rs 70.20 crore for funding capital expenditure, repayment of borrowings amounting to Rs 100 cr, funding its working capital requirements to the extent of Rs 122 crores besides general corporate purposes
The Mumbai-based brand has a network of 236 stores, which has a presence in 23 cities across Maharashtra, Goa, and Karnataka. The pharmacy chain’s revenue for the financial year ended March 31, 2021, grew 7% to Rs 924.02 crore, from Rs 863.25 crore in the previous fiscal year. DAM Capital Advisors, IIFL Securities, Ambit, and HDFC Bank are the book running lead managers to the issue.
