The company appointed JM Financial and Kotak Investment Banking for its initial public offering, the people said, on condition of anonymity. A foreign bank may also be hired, one of the three people said.

PharmEasy is also considering an indirect listing in the US through a merger with a special purpose acquisition company or SPAC, a route that has been taken by several companies in India and abroad recently. PharmEasy is seeking a much higher valuation if it opts for the US public markets, the person added. PharmEasy and the two investment banks didn’t respond to queries.

On Wednesday, The Economic Times reported that PharmEasy would do a traditional IPO worth ₹3,000-3,700 crore, commanding a valuation of nearly $3 billion. The company has also completed the acquisition of Bengaluru-based online pharmacy Medlife.

Earlier this month PharmEasy raised $350 million from Prosus Ventures, TPG Growth and others as part of its Series E round. Existing investors Temasek, CDPQ, LGT Lightrock, Eight Roads and Think Investments also participated in the round that propelled it into the unicorn club.

Founded in 2015 by Dharmil Sheth and Dhaval Shah, PharmEasy connects patients with pharmacies besides helping customers avail of diagnostic tests. It delivers orders in more than 1,000 cities and towns, including Mumbai, Kolkata, Delhi, Bengaluru, Ahmedabad, Hyderabad, and Chennai.

This article was first published on livemint.com.