Mumbai based Wellness Forever to file for Rs 1,600-crore IPO

Wellness Forever, an omni-channel retail pharmacy chain backed by Adar Poonawalla, will file draft documents with the capital markets regulator by the end of this month to raise Rs 1,500-1,600 crore through an initial public offering, as per sources.

The IPO will consist of a primary issue and an offer for sale of shares by existing investors, the people said. Wellness Forever appointed IIFL Securities, Ambit Private and DAM Capital Advisors as the investment bankers for the proposed share sale.

The company will be the second pharmacy chain that's coming up with an IPO. Last month, Hyderabad-based MedPlus filed its draft red herring prospectus with the Securities and Exchange Board of India.

Mumbai-based Wellness Forever is the third-largest pharmacy chain in the country, with a turnover of Rs 870 crore in FY21. Its pharmacy stores, mostly 24x7, provide a self-browsing and differentiated shopping experience. It is present in 23 cities including Mumbai, Pune, Kolhapur and Satara in Maharashtra, Goa and Karnataka, employing more than 4,200 people.