The inventory of pharmacy chain MedPlus Well being Solutions created a strong debut on the bourses. The inventory acquired shown at Rs 1,015 — a 27.five for every cent premium to its issue cost. The inventory finished the session at Rs 1,120.85 — 41 for every cent earlier mentioned its issue cost.
After listing, the business has a market place capitalisation of Rs thirteen,372 crore. MedPlus experienced set a cost range of Rs 780-796 for every share for its Rs 1,398-crore original community presenting (IPO). The IPO of the Warburg Pincus-backed business comprised a fresh new issue of Rs 600 crore and an give for sale (OFS) of Rs 798.3 crore.
Premji Invest’s PI Options Fund and Natco Pharma ended up amongst the promoting shareholders.
The business experienced downsized its IPO. In August, when the business submitted its give document with the Securities and Exchange Board of India, the IPO dimension was pegged at Rs 1,638.seven crore. Although the fresh new issue component remained the exact, the OFS part was diminished by all around Rs 240 crore.
The business strategies to use the fresh new issue proceeds to fund the working money requirements of its subsidiary Optival Well being Alternatives and basic corporate applications.
MedPlus is the country’s second-largest pharmacy retailer in phrases of revenue for 2020-21 (FY21) and the quantity of merchants. The business operates around two,000 merchants across seven states, which includes Tamil Nadu, Andhra Pradesh, Telangana, and Karnataka.
The business gives medications, wellness products, healthcare equipment, and rapid-going customer goods. In FY21, the business reported revenue of Rs 3,048 crore and a net financial gain of Rs sixty two.seven crore. Axis Money, Edelweiss, Credit rating Suisse, and Nomura ended up the bankers to the issue.