MedPlus IPO Subscribed 52.59 Times On Last Day Of Issue

Pharmacy retail chain MedPlus Health Services Limited's initial public offer (IPO) was subscribed 52.59 times on the last day of its issue on Wednesday.

The Rs 1,398.3-crore IPO received bids for 66,13,67,268 shares against 1,25,75,154 shares on offer, according to an update on the NSE.

Qualified institutional buyers (QIBs) received a whopping 111.89 times subscription, while non-institutional investors 85.33 times and the retail investors (RIIs) category was subscribed 5.23 times.

The IPO had a fresh issue of up to Rs 600 crore and an offer-for-sale of up to Rs 798.30 crore.

The price range for the IPO was Rs 780-796 per share.

The proceeds from the fresh issue will be used for funding the working capital requirements of the company's subsidiary Optival.

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.

Axis Capital, Credit Suisse Securities (India), Edelweiss Financial Services and Nomura Financial Advisory and Securities (India) were the managers to the offer.