Investor interest in MedPlus Health Service’s IPO is increasing. The IPO will open for subscription on December 13 and bidding will close on December 15. The price band of the IPO has been fixed at Rs 780-796. Under its IPO of Rs 1398.3 crore, new shares worth Rs 600 crore will be issued and shares of Rs 798.29 crore will come under offer for sale.
This investor bought shares worth Rs 550 crore even before the launch of the IPO
Under the offer-for-sale (OFS), Premji Invest’s PI Opportunities Fund will sell shares worth about Rs 623 crore and Natco Pharma Rs 10 crore among the company’s shareholders. Due to increasing investor interest, this stock is selling at a premium of 40 per cent in the gray market. In the gray market, it is being sold at a premium of Rs.300.
According to the draft paper filed by MedPlus IPO, Lavender Rose Investment Ltd, one of its investors, sold shares worth Rs 550 crore in the company before the launch of the IPO. Lavender Rose Investments is a Mauritius-based arm of private equity firm Warburg Pincus. Lavender Rose sold about 69 lakh shares or 6.2 per cent stake in MedPlus Health Services. The investors who bought this stake include the asset management and life insurance businesses of SBI Mutual Fund, Motilal Oswal Mutual Fund and Malabar India Fund.
How much quota for whom?
In the IPO of MedPlus, 50 percent is reserved for QIBs. There is a quota of 35 per cent for retail investors and 15 per cent for HNIs or NIIs. A quota of five crores is reserved for the employees. Employees will also get a discount of Rs 78 on a share. The first IPO was Rs 1639 crore, which was later reduced to Rs 1398.3 crore.
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What does the company do?
According to the financial results of FY 2021, Medplus is the second largest pharmacy retailer in the country in terms of revenue and number of stores. The company also sells vitamins, medical devices and test kits, along with pharmaceutical and wellness products. It also sells FMCG products including home, personal care, toiletries, baby care products, soaps, detergents and sanitizers. MedPlus was started in the year 2006 by Gangadi Madhukar Reddy, who is the Managing Director and CEO of the company. Promoters Gangadi Madhukar Reddy, AgileMed Investments and Lone Furo Investments hold 43.16 per cent stake in the company.
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