IPO-bound PharmEasy is in talks to buy stake in diagnostics services provider Thyrocare, sources with direct knowledge of the matter have told CNBC-TV18.
The lack of succession options at Thyrocare could be a key reason for the founder and chairman - Dr Velumani to sell stake in the company, as per people in the know. Moreover, the current valuations are rewarding. Promoters held 66.14 percent stake in Thyrocare as of March 31, 2021.
It is also gathered that Dr Velumani may even look at investing in API Holdings as part of the deal.
When we reached out, API Holdings did not comment on the development. Thyrocare did not offer a comment either.
PharmEasy is valued at $1.8 billion after B Capital bought stake for $20 million. PharmEasy’s parent API Holdings has been beefing up its portfolio. Medlife buy makes PharmEasy India’s largest medicine delivery platform. Former banker Aditya Puri recently joined the board of the company to help scale up the company’s businesses.
Thyrocare Tech listed on the exchanges in May 2016 with a market capitalisation of around Rs 3,300 crore at debut. The share price has risen to around Rs 1300/share and has seen a Rs 300/share gain in the month of June 2021.
Thyrocare is one of the leading pan-India diagnostic chains and conducts an array of medical diagnostic tests and profiles of tests that centre on the early detection and management of disorders and diseases.
(Edited by : Abhishek Jha)
First Published: IST