Wellness Forever Medicare has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The size of the IPO is likely to be in the range of Rs 1,500-1,600 crore.
The proceeds from the fresh issue will be utilised for funding capital expenditure for setting up of new stores as well as incremental working capital requirements, repayment/ pre-payment of borrowings and for general corporate purposes. IIFL Securities, Ambit Pvt, DAM Capital Advisors, and HDFC Bank are book running lead managers to the issue.
Wellness Forever is the leading wellness network in western India and also happens to be the third-largest chain in terms of the number of stores.
