Pharmacy Retail Chain Medplus Health Services Limited Initial Public Offering (IPO) Was subscribed 52.59 times on the last day of subscription ended 15th December 1,398.3 crore IPO received bids for 66,13,67,268 shares while 1,25,75,154 shares were offered.
The latest issue till date in the IPO was 600 crore and an offer for sale (OFS) up to 798.30 crores. The price range for the three-day initial share sale was 780-796 per share. Medplus Health had raised 418 crore from anchor investors before its public issue. Axis Capital, Credit Suisse Securities (India), Edelweiss Financial Services and Nomura Financial Advisory & Securities (India) were the managers of the offer.
As per market observers, the shares of MedPlus Health are trading at a premium (GMP) 85 in gray market today, less than yesterday’s GMP 160. The Company is expected to be listed on the stock exchanges on Thursday, December 23, 2021.
Founded in 2006 by Gangadi Madhukar Reddy, who is the Managing Director and Chief Executive Officer of the company, MedPlus Health is the second largest pharmacy retailer in India. The Hyderabad-based pharmacy retailer offers a wide range of products including pharmaceutical and wellness products, and fast-paced consumer goods, such as home and personal care products.
The proceeds from the fresh issue will be used to finance the working capital requirements of Optival, a subsidiary of the Company. As of June 31, 2021, the company has a strong pharmacy retail network of 2,165 stores across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal and Maharashtra.
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