Medplus Health Services Ltd., a pharmacy retail chain, has fixed a price band of 780-796 per share for this 1,398 crore initial share sale, which will open for public subscription next week on Monday, December 13 Initial Public Offering (IPO) Will close on 15th December.
The IPO involves 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. The proceeds from the fresh issue will be used to finance the working capital requirements of Optival, a subsidiary of the Company.
According to market observers, MedPlus Health’s gray market premium (GMP) today is 280. The shares of the company are expected to be listed on the exchanges on 23rd December, 2021.
MedPlus was founded in 2006 by Gangadi Madhukar Reddy, who is the Managing Director and Chief Executive Officer of the company. MedPlus is the second largest pharmacy retailer in India. It offers a wide range of products that include pharmaceutical and wellness products, and fast-moving consumer goods, such as household and personal care products.
Gangadi Madhukar Reddy, Agilemed Investments Pvt Ltd; And Lone Farrow Investments Private Limited is the promoter of the company. Presently, the promoters together hold 48,233,135 equity shares, which is 43.16% of the issued, subscribed and paid-up pre-offer equity share capital of the company.
Talking to reporters, Reddy said that the company’s growth depends on the sales and the number of stores that are added every year. “Last year we added 350 stores despite having covid and this year despite two months of closure because covid second phase again we had 350 in first half which basically means we will be able to add 700 stores this year capable,” he said. Reddy was quoted as saying by PTI that the retail chain is also focusing on increasing sales from private label goods.
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