MedPlus Health Makes Strong Debut, Lists At Over 30 Per Cent Premium

The stock opened at Rs 1,015 on the BSE, and at Rs 1,040 on the National Stock Exchange, higher than the issue price of Rs 796 per share

MedPlus Health had garnered Rs 418 crore from anchor investors ahead of its public issue. Image: Getty

New Delhi: India’s second-largest pharmacy retailer, MedPlus Health Services, made a strong start on the exchanges on Thursday. The shares got listed with a premium of 30.65 per cent

The stock opened at Rs 1,015 on the BSE, and at Rs 1,040 on the National Stock Exchange, higher than the issue price of Rs 796 per share. It further zoomed 40.69 per cent to Rs 1,119.95.

The IPO had seen a healthy response from investors, and was subscribed about 53 times during December 13-15. The portion set aside for qualified institutional buyers was booked 112 times and that of non-institutional investors saw 85 times subscription.

The portion reserved for retail investors and employees was subscribed 5.23 and 3.05 times, respectively.

The pharmacy retailer has mobilised Rs 1,398 crore from its public issue, which comprised a fresh issue of Rs 600 crore that will be used for working capital requirements of its subsidiary Optival Health Solutions.

MedPlus Health had garnered Rs 418 crore from anchor investors ahead of its public issue. Its market valuation remained at Rs 13,083.06 crore.

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.