MedPlus Health Services IPO to open on 13 December
The country’s second largest pharmacy retailer MedPlus Health Services will launch its IPO on December 13. Its price band has been fixed at Rs 780-796 per equity share. You can invest money in it till December 15.
The issue will open for anchor investors on December 10. The money raised through the IPO will be used to meet the working capital requirements of the company’s subsidiary Optical.
The company plans to raise Rs 1,398.29 crore
The company is planning to raise Rs 1,398.29 crore through its public issue. Under this issue, new shares worth Rs 600 crore will be issued and the remaining shares of Rs 798.30 crore will be sold under Offer for Sale (OFS) by the promoter and existing shareholders.
In this, investors can bid for a minimum of 18 equity shares and a multiple of 18 thereof for equity shares. Retail investors can invest a minimum of Rs 14,328 for one lot and Rs 1,86,264 for a maximum of 13 lots. 50% is reserved for Qualified Institutional Investors (QIBs), 35% for retail investors and the remaining 15% for non-institutional investors.
These investors are selling shares
Through this OFS investors are going to sell shares of PI Opportunity Fund – I worth Rs 623 crores and SS Pharma LLC worth Rs 107 crores. Others include Shore Pharma LLC, Natco Pharma, Time Cap Pharma Labs, A Raghava Reddy, K Prakurthi, Navdeep Patyal, Sangeeta Raju, R Venkat Reddy, TK Kurien, Nitya Venkataramani, Atul Gupta, Manoj Jaiswal, Rahul Garg, Korengode Ramanathan Lakshminarayan and Bijoy Kurien, who are going to sell their shares through OFS.
Employees will get discount
In the offer, shares worth Rs 5 crore have been kept in reserve for the employees of the company. Apart from this, employees will get shares at a discount of Rs 78 on the final offer price.
Listing will be on 23rd December
The allotment of shares is likely to be finalized on December 20 and its listing has been fixed for December 23. Axis Capital, Credit Suisse Securities (India), Edelweiss Financial Services and Nomura Financial Advisory & Securities (India) are the lead managers to the issue.
MedPlus had earned a profit of Rs 63.11 crore in the financial year 2020-21, which was 3425% higher than that of 2019-20. The company’s profit in 2019-20 was Rs 1.79 crore. The company’s revenue has increased from Rs 2,870.6 crore to Rs 3,069.26 crore during this period.
