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Fearing volatility in stock markets, API Holdings, the parent company of healthtech unicorn PharmEasy, has withdrawn the draft red herring prospectus (DRHP) it had filed with the Securities and Exchange Board of India (Sebi), the company informed shareholders in a notice.
The pre-IPO draft papers, which were filed last year, are being withdrawn due to “market conditions and strategic considerations”, the company said. The markets regulator had approved PharmEasy’s Rs 6,250-crore initial public offering (IPO).
However, API Holdings intends to raise funds to finance its expansion and growth plans. The notice by the company said that it would raise additional funds via a rights issues at an issue price of Rs 100 a share.
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