Markets regulator Sebi (Securities and Exchange Board of India) has approved the initial share sales of API Holdings, which operates PharmEasy, Adar Poonawalla-backed Wellness Forever Medicare and metal recycling firm CMR Green Technologies.

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According to an update with Sebi, the regulator has issued observation letters to the three companies, effectively giving the nod to float their IPOs.

API Holdings had filed its draft red herring prospectus (DRHP) with SEBI in November last year on the back of a slew of IPOs and listings of new-age companies such as Zomato, PolicyBazaar and Paytm.

PharmEasy’s IPO will only be a primary share sale of shares of Rs 6,250 crore. The company will use Rs 1,929 crore from the IPO proceeds to repay or prepay borrowings and Rs 1,259 crore to fund organic growth initiatives. It will also allocate Rs 1,500 crore on inorganic growth opportunities through acquisitions and other strategic initiatives.