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MedPlus Health Services IPO subscribed 24.63 times

written by Bella Palmer

The category for RIIs was subscribed 2.64 times, those for non institutional investors received 50 per cent subscription and QIBs 9 per cent

Subscription for Medplus Health Services Limited IPO opened for subscription on 13th December 2021 and it will remain available for bidding till 15th December 2021.

On third day of subscription by 8:38 am GMT, the Medplus IPO has been subscribed 24.63 times while the retail portion has been subscribed 4.01 times.

The IPO was subscribed 1.46 times on the second day of subscription on Tuesday.

The Rs 1,398.3-crore initial public offer (IPO) received bids for 1,83,08,934 shares against 1,25,75,154 shares on offer, as per data from India’s National Stock Exchange (NSE).

The category for Retail Individual Investors (RIIs) was subscribed 2.64 times, those for non institutional investors received 50 per cent subscription and Qualified Institutional Buyers (QIBs) 9 per cent.

The initial public offer has a fresh issue of up to Rs 600 crore and an offer for sale of up to Rs 798.30 crore.

The IPO has a price range of Rs 780-796 per share.

The company on Friday said it has mobilised Rs 418 crore from anchor investors.

Proceeds from the fresh issue will be used for funding the working capital requirements of the company's subsidiary Optival.

MedPlus was founded in 2006 by Gangadi Madhukar Reddy, who is the company's managing director and chief executive officer.

The Hyderabad-based pharmacy retailer offers a wide range of products, including pharmaceutical and wellness products, such as medicines, vitamins, medical devices and test kits, and FMCG products like home and personal care items, including toiletries, baby care products, soaps and detergents and sanitisers.

Medplus was also the first pharmacy retailer in India to offer an omnichannel platform and continues to scale up its retail store network.


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