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BusinessMedPlus IPO to open on December 13

MedPlus IPO to open on December 13

Published: 7th Dec 2021 6:34 pm

Hyderabad: Hyderabad-based pharmacy retail chain MedPlus Health Services on Tuesday fixed a price band of Rs 780-796 a share for its Rs 1,398 crore initial share-sale, which will open for public subscription on December 13. The IPO will close on December 15. The bidding for anchor investors will open on December 10.

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The initial share-sale comprises fresh issuance of equity shares worth 600 crore and an offer for sale (OFS) of up to equity shares aggregating up to Rs 798.30 crore by promoter and existing shareholders. The issue also includes a reservation of equity shares worth Rs 5 crore for MedPlus employees who will receive those shares at a discount of Rs 78 per share to final issue price.

Half of the issue size has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and 35 per cent for retail investors. Investors can bid for a minimum of 18 equity shares and in multiples thereof.

The company offers a wide range of products, including pharmaceutical and wellness products such as medicines, vitamins, medical devices and test kits, and FMCG products such as home and personal care products, including toiletries, baby care products, soaps and detergents and sanitisers. MedPlus was founded in 2006 by Gangadi Madhukar Reddy, who is the company’s MD and CEO.

MedPlus has today stores spread over Telangana, Tamil Nadu, Andhra Pradesh, Karnataka, Odisha, West Bengal and Maharashtra.

Axis Capital, Credit Suisse Securities (India), Nomura Financial Advisory and Securities (India) and Edelweiss Financial Services are the books running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.

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