MedPlus IPO subscribed 1.46 times on second day of subscription

Pharmacy retail chain MedPlus Health Services' initial public offer was subscribed 1.46 times on the second day of subscription on Tuesday.

The Rs 1,398.3-crore initial public offer (IPO) received bids for 1,83,08,934 shares against 1,25,75,154 shares on offer, as per NSE data.

The category for Retail Individual Investors (RIIs) was subscribed 2.64 times, those for non institutional investors received 50 per cent subscription and Qualified Institutional Buyers (QIBs) 9 per cent.

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

The IPO has a price range of 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.