As the IPO craze continues, Day three of MedPlus Health Services Initial Public Offering (IPO) It is set to open next week on Monday, December 13th, ending December 15th. Pharmacy retail chain has fixed a price band 780-796 per share for 1,398 crore public issue.
MedPlus Health’s share gray market premium (GMP) soared today 305, according to market observers. The company’s shares are expected to be listed on the exchanges on December 23, 2021.
The initial share sale includes issue of equity shares worth Rs 600 crore and Offer for Sale (OFS) of up to equity shares, 798 crore by the promoter and existing shareholders. Axis Capital, Credit Suisse Securities (India), Nomura Financial Advisory & Securities (India) and Edelweiss Financial Services are the book running lead managers of the issue.
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. MedPlus Health Services received market regulator Securities and Exchange Board of India’s (SEBI) nod in November to raise funds through an IPO.
Founded in 2006 by Gangadi Madhukar Reddy, MedPlus Health is the second largest pharmacy retailer in India. The company offers a wide range of products including pharmaceutical and wellness products, and rapidly growing consumer goods, such as home and personal care products.
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