MedPlus Health plans Rs 200-crore IPO

MedPlus Health Services Private Limited, a Hyderabad-based retail pharmacy chain, is contemplating entering the capital market with an initial public offering (IPO) by June 2009 to fund its expansion plans besides providing an exit route to the existing investors in the company.

"We are currently observing the market conditions. We would look at raising up to Rs 200 crore through our maiden public offer," Madhukar Gangadi, founder and chief executive officer of MedPlus, told mediapersons, while refusing to share further details.

 

MedPlus, which started its operations in February 2006, had raised funds to build its MedPlus retail chain from three private equity firms, including Rs 25 crore from iLabs Venture Capital in two rounds of funding.

The company operates 300 pharmacy outlets in four states