Poonawalla-backed 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, people familiar with the plan told Moneycontrol.

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.