MedPlus Health Services IPO subscribed 70% on first day of subscription

The initial public offer of pharmacy retail chain MedPlus Health Services Limited was subscribed 70 per cent on the first day of subscription on Monday.

The Rs 1,398.3-crore IPO received bids for 87,62,598 shares against 1,25,75,154 shares on offer, according to NSE data.

The category for Retail Individual Investors (RIIs) was subscribed 1.29 times, non-institutional investors 16 per cent and Qualified Institutional Buyers (QIBs) 6 per cent.

The initial public offer (IPO) has a fresh issue of up to Rs 600 crore and an offer for sale of up to Rs 798.30 crore.

Price range for the offer is at Rs 780-796 per share.

The company on Friday said it has mobilised Rs 418 crore from anchor investors.

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

MedPlus was founded in 2006 by Gangadi Madhukar Reddy, who is the company's managing director and chief executive officer.

The Hyderabad-based pharmacy retailer offers a wide range of products, including pharmaceutical and wellness products, such as medicines, vitamins, medical devices and test kits, and FMCG products like home and personal care items, including toiletries, baby care products, soaps and detergents and sanitisers.

Medplus was also the first pharmacy retailer in India to offer an omnichannel platform and continues to scale up its retail store network.

Axis Capital, Credit Suisse Securities (India), Edelweiss Financial Services and Nomura Financial Advisory and Securities (India) are the managers to the offer.

The equity shares are proposed to be listed on BSE and NSE.