MedPlus Health IPO on Dec 13: Check price band, issue date, GMP and other details

Pharmacy retail chain MedPlus Health Services Ltd will open for public subscription on December 13 and will close on December 16. The price band has been set at Rs 780-796 per equity share. The company is planning to raise Rs 1,398 crore from its initial share. Anchor investors can bid on December 10.

The IPO comprises Rs 600 crore worth of fresh equity shares and an OFS (Offer for Sale) of Rs 798.30 crore worth shares by promoters and existing shareholders. Initially, the OFS was Rs 1,038.71 crore which was cut to Rs 798.30 crore.

MedPlus Health IPO: From issue date, lot size to the allotment, all key details

• MedPlus Health IPO date: December 13- December 16
• Price band: Rs 780-796 per share
• Lot size: One lot contains 18 shares and in multiples thereafter.
• IPO size: The Rs 1,398 crore-IPO includes fresh issuance of shares worth Rs 600 crore and an OFS of Rs 798.30 crore.
• Likely MedPlus Health IPO share allotment date: December 20
• Likely MedPlus Health IPO listing date: December 23 on BSE and NSE
• MedPlus Health IPO GMP: So far there is no detail available about the grey market premium of the upcoming public issue

The company has kept shares worth Rs 5 crore aside for its employees, who will receive it at a discount of Rs 78 a share to the final issue price. The funds generated for the issue will be utilised for funding the working capital needs of the firm's subsidiary, Optival.

The book running lead managers to the issue are Credit Suisse Securities (India), Axis Capital, Edelweiss Financial Services and Nomura Financial Advisory and Securities (India).

Medplus founder Gangadi Madhukar Reddy said that the pharma chain's growth depends on sales and the number of stores opened 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 told PTI.

About MedPlus

According to the company, it is India's second-largest pharmacy chain with over 2,100 stores across Tamil Nadu, Telangana, Andhra Pradesh, Odisha, Karnataka, West Bengal and Maharashtra. With offline stores, it also has an online presence with 'MedPlus Lens', 'MedPlus Mart' and 'MedPlus Labs'.