OPEN APP
Home / Markets / Ipo /  MedPlus IPO to open next week: GMP, other details that you need to know
Listen to this article

MedPlus Health Services Ltd, a pharmacy retail chain, has fixed a price band of 780-796 a share for its 1,398 crore initial share sale, which will open for public subscription next week on Monday December 13. The three-day initial public offering (IPO) will close on December 15.

The IPO comprises fresh issuance of equity shares worth 600 crore and an offer for sale (OFS) of up to equity shares aggregating up to 798 crore by promoter and existing shareholders. Proceeds of the fresh issue will be used for funding working capital requirements of the company's subsidiary, Optival.

As per market observers, MedPlus Health's grey market premium (GMP) today is 280. The company's shares are expected to list on exchanges on December 23, 2021.

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

Gangadi Madhukar Reddy, Agilemed Investments Pvt Ltd; and Lone Furrow Investments Pvt Ltd are the promoters of the company. Currently, the promoters cumulatively hold 48,233,135 Equity Shares constituting 43.16% of the issued, subscribed and paid-up pre-Offer Equity Share capital of the company.

Speaking to reporters, Reddy said the company's growth depends on sales and number of stores being added every year. "Last year we put in 350 stores despite Covid being there and this year despite closing down two months because the Covid second phase again in the first half we had 350 which basically means that we are able to add stores 700 stores this year," he said. The retail chain is also focusing on increasing sales from private label goods, Reddy said as quoted by PTI.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Close
×
Edit Profile
Get alerts on WhatsApp
My ReadsRedeem a Gift CardLogout