Home / Markets / Ipo /  MedPlus Health IPO: GMP dips ahead of shares listing

Pharmacy retail chain MedPlus Health Services Ltd's initial public offering (IPO) was subscribed 52.59 times on the last day of subscription that concluded on December 15. The 1,398.3-crore IPO received bids for 66,13,67,268 shares against 1,25,75,154 shares on offer.

The IPO had a fresh issue of up to 600 crore and an offer for sale (OFS) of up to 798.30 crore. The price range for the three-day initial share sale was 780-796 per share. MedPlus Health had mobilised 418 crore from anchor investors ahead of its public issue. Axis Capital, Credit Suisse Securities (India), Edelweiss Financial Services and Nomura Financial Advisory and Securities (India) were the managers to the offer.

As per the market observers, Medplus Health shares are trading at a premium (GMP) of 85 in grey market today, lower from yesterday's GMP of 160. The company's shares are expected to list on exchanges on Thursday, December 23, 2021.

Founded in 2006 by Gangadi Madhukar Reddy, who is the company's managing director and chief executive officer, MedPlus Health is the second largest pharmacy retailer in India. The Hyderabad-based pharmacy retailer offers a wide range of products that includes pharmaceutical and wellness products, and fast-moving consumer goods, such as home and personal care products.

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

Know your inner investor Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Take the test
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout