Medplus Health Services, the country's leading pharmacy retailer, made a stellar stock market debut on Thursday. Medplus Health Services stock opened for trading at Rs 1,040 per share on the National Stock Exchange compared with its IPO price of Rs 796 per share, marking an upside of 31 per cent. The stock rose as much as 41 per cent to hit an intraday high of Rs 1,120.
Medplus Health Services shares were in heavy demand during the three day share sale via Initial public offering which ended on December 15, the IPO was subscribed 52.59 times. Qualified institutional buyers (QIBs) showed keen interest in the IPO as portion reserved for them was subscribed 111 times, shares set aside for non-institutional investors was subscribed 85 times and portion for retail investors was subscribed 3 times.
Medplus Health Services raised Rs 1,398 crore from the IPO which consisted of fresh issue of Rs 600 crore and an offer for sale worth Rs 798.30 crore. The company plans to utilise proceeds from IPO for funding working capital requirement of subsidiary, Optival and for general corporate purposes.
Incorporated in 2006, Medplus Health Services is India's second-largest pharmacy retailer in terms of the number of stores and revenue.
As of June 31, 2021, the company has a strong pharmacy retail network of 2,165 stores across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal, and Maharashtra.
As of 10:14 am, Medplus Health Services shares traded 27 per cent higher from issue price at Rs 1,015
