New Delhi: MedPlus Health Services, India’s second largest pharmacy retailer, made a strong opening on the exchanges on Thursday. Shares got listed with a premium of 30.65 per cent
The shares opened at Rs 1,015 on the BSE and Rs 1,040 on the National Stock Exchange, higher than the issue price of Rs 796 per share. It rose 40.69 per cent to Rs 1,119.95.
The IPO had received good response from investors, and was subscribed nearly 53 times during December 13-15. The portion set aside for qualified institutional buyers was booked 112 times and saw subscriptions 85 times for non-institutional investors.
The portion reserved for retail investors and employees was subscribed 5.23 and 3.05 times, respectively.
The pharmacy retailer has raised Rs 1,398 crore from its public issue, which includes a fresh issue of Rs 600 crore, to be used for working capital requirements of its subsidiary Optical Health Solutions.
MedPlus Health had raised Rs 418 crore from anchor investors before its public issue. Its market valuation stood at Rs 13,083.06 crore.
MedPlus was founded in 2006 by Gangadi Madhukar Reddy, who is the Managing Director and Chief Executive Officer of the company.
The Hyderabad-based pharmacy retailer offers a wide range of products, including pharmaceutical and wellness products, such as medicines, vitamins, medical equipment and test kits, and household and personal care items such as FMCG products, including toiletries, baby care products, Includes soap. Detergent and sanitizer.
MedPlus was also the first pharmacy retailer in India to offer an omnichannel platform and continue to grow its retail store network.
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