PharmEasy IPO: Traders’ body CAIT urges SEBI to stop offer, here’s why

CAIT has moved to the Securities and Exchange Board of India (SEBI) with the aim to stop the initial public offer (IPO) of PharmEasy.

New Delhi: The Confederation of All India Traders (CAIT), on Friday (December 10), moved to the Securities and Exchange Board of India (SEBI) with the aim to stop the initial public offer (IPO) of PharmEasy. 

API Holdings, the parent firm of the e-pharmacy firm PharmEasy, has filed the `Draft Red Herring Prospectus` (DRHP to the market regulator recently, according to media reports. 

CAIT wrote a letter to SEBI to halt PharmEasy’s IPO. "The business model of `PharmEasy` which is controlled by ‘API Holdings’ is entirely based on gross illegality," the traders’ body said in a statement.