PharmEasy is about to file Draft Red Herring Prospectus (DRHP) papers by October before opening an Initial Public Offering (IPO) in the current year, sources said. PharmEasy is planning for an IPO but is still in talks with new investors to raise around $300 million at a valuation of $5.6 billion, the sources added.

It was not immediately clear who the new investors are and if such a huge investment will close before it files the DRHP with the Securities and Exchange Board of India (SEBI). API Holdings, the parent company of PharmEasy, is working with JM Financial and Kotak Investment Banking for the DRHP papers since both of the banks had led its acquisition of diagnostics chain Thyrocare in June. In the last few months, the company has raised above $650 million from investors such as Prosus, B Capital, TPG and others.