MedPlus Health Services Ltd's initial public offering (IPO), which opened for subscription on Monday, December 13, received bids for 51.91 lakh equity shares against an IPO size of 1.25 crores, a subscription of 41 percent.
As of 1:50 pm, the retail investors' category had put in bids for 79 percent of shares while the non-institutional investors' (NIIs) quota was subscribed 9 percent. Employees have bought 15 percent of shares reserved for them while qualified institutional buyers (QIBs) have not started putting in their bids yet.
The pharmacy retail chain intends to raise Rs 600 crore through the issuance of new equity shares and Rs 798.30 crore through the offer for sale of existing equity shares (OFS).
The firm is looking to use the proceeds of the initial share sale to meet the working capital requirements of the company's material subsidiary Optival.
The pharmacy firm has fixed a price band of Rs 780-796 apiece for the equity shares, proposed to be listed on the BSE and NSE.
According to IPO Watch data, the pharmacy company is trading at a premium of Rs 300 or 38 percent in the grey market, at the upper price band of the issue.
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.
MedPlus has 2,000 stores across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal and Maharashtra. The company reported a profit of Rs 63.11 crore for FY21, up from just Rs 1.79 crore in FY20. Revenue during the same period increased to Rs 3,069.26 crore from Rs 2,870.6 crore.
First Published: Dec 13, 2021 11:51 AM IST
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