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MedPlus IPO to open on Dec 13: 5 thing to know before subscribing to offer | Markets News

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New Delhi: MedPlus Health Services Ltd’s initial public offer (IPO) will open for subscriptions on Monday, December 13. The pharmacy retail chain is planning to raise Rs 600 crore from the sale of fresh equity shares and Rs 798.30 crore from the offer for sale (OFS).  

If you’re planning to subscribe to MedPlus IPO, here’s everything you need to know: 

MedPlus IPO Price Band 

MedPlus IPO has fixed a price band of Rs 780-796 a share for its Rs 1,398 crore initial share sale.  

MedPlus IPO Subscription Dates 

MedPlus IPO will open for public subscription on December 13. The three-day IPO will close on December 15. Meanwhile, the bidding for anchor investors has been completed on December 10.

MedPlus IPO Issue Details 

MedPlus IPO comprises fresh issuance of equity shares worth Rs 600 crore. The IPO also consists of an offer for sale (OFS) of equity shares worth up to Rs 798.30 crore by the promoter and existing shareholders.

Moreover, equity shares worth Rs 5 crore has been reserved for the company’s employees who will receive shares at a discounted rate of Rs 78 per share to the final issue price.

MedPlus IPO Funds Use

MedPlus is planning to use the proceeds for funding the working capital requirements of the company’s subsidiary, Optival.

Investors can bid for a minimum of 18 equity shares and in multiples thereof.

What is MedPlus? 

Founded in 2006 by Gangadi Madhukar Reddy, MedPlus is a pharmacy retail chain which is headquartered in Hyderabad. The company sells medicine and pharmacy products offline and online. Also Read: US tornado outbreak: Amazon warehouse collapse in Illinois leaves six dead

The company is said to be the second-largest pharmacy retail network in India with over 2,000 stores distributed across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal and Maharashtra, as of March 31, 2021. Also Read: Lulu Group to set up mall in Gujarat with Rs 2,000 crore investment; aims to create 5,000 jobs

– With PTI inputs. 

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