HomeBusinessMedPlus Health Raises Rs 418 Crore From Anchor Investors Ahead Of IPO

MedPlus Health Raises Rs 418 Crore From Anchor Investors Ahead Of IPO

MedPlus Health Raises Rs 418 Crore From Anchor Investors Ahead Of IPO

The firm has allotted 52.51 lakh fairness shares to anchor buyers at Rs 796 apiece

Pharmacy retail chain MedPlus Health Services on Friday stated it has mobilised Rs 418 crore from anchor buyers forward of its preliminary share sale that opens for public subscription on Monday. The firm has allotted 52.51 lakh fairness shares to anchor buyers at Rs 796 apiece, aggregating to Rs 417.98 crore, based on a round uploaded on the BSE web site.

Abu Dhabi Investment Authority, BlackRock Global Funds, Fidelity, Nomura, Goldman Sachs, Morgan Stanley, HFFC Life Insurance Company, ICICI Prudential Life Insurance Company and SBI Life Insurance Co Ltd, SBI Mutual Fund (MF) and Aditya Birla Sun Life MF are among the many anchor buyers.

The Rs 1,398-crore preliminary share sale includes contemporary issuance of fairness shares value Rs 600 crore and a suggestion on the market (OFS) of as much as fairness shares aggregating as much as Rs 798.30 crore by the promoter and present shareholders.

The problem features a reservation of fairness shares value Rs 5 crore for the corporate’s workers, who will obtain these shares at a reduction of Rs 78 per share to the ultimate problem value. The problem with a value band of Rs 780-796 a share will open for public subscription on December 13 and conclude on December 15.

Proceeds of the contemporary problem will likely be used for funding the working capital necessities of the corporate’s subsidiary Optival. Half of the difficulty dimension has been reserved for certified institutional consumers (QIBs), 15 per cent for non-institutional buyers and 35 per cent for retail buyers.

Investors can bid for at least 18 fairness shares and in multiples thereof. MedPlus was based in 2006 by Gangadi Madhukar Reddy, who’s the corporate’s managing director and chief govt officer.

The Hyderabad-based pharmacy retailer affords a variety of merchandise, together with pharmaceutical and wellness merchandise, reminiscent of medicines, nutritional vitamins, medical units and take a look at kits, and FMCG merchandise like dwelling and private care objects, together with toiletries, child care merchandise, soaps and detergents and sanitisers.

Medplus was additionally the primary pharmacy retailer in India to supply an omnichannel platform and continues to scale up its retail retailer community.

The firm maintains a robust deal with scaling up its retailer community, having grown from working preliminary 48 shops in Hyderabad on the conception of the enterprise to working India’s second-largest pharmacy retail community of over 2,000 shops distributed throughout Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal and Maharashtra, as of March 31, 2021.

Axis Capital, Credit Suisse Securities (India), Nomura Financial Advisory and Securities (India) and Edelweiss Financial Services are the e-book working lead managers to the difficulty. The fairness shares are proposed to be listed on BSE and NSE

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