Getty ImagesMumbai: India's second-largest pharmacy retailer MedPlus Health Services listed on Thursday at a 30.65% premium to its IPO price of ₹796 per share.
The stock opened at ₹1,040 and closed at ₹1,120.85 on the NSE. The strong listing comes after its ₹1,398-crore IPO was subscribed about 53 times . The quota for qualified institutional buyers was subscribed about 53 times while the portion set aside for high net-worth individuals was subscribed a little over 85 times. The retail portion was subscribed over five times.
The IPO included a fresh issue of ₹600 crore and an offer for sale by selling shareholders of ₹798.3 crore. The company will use funds from the fresh issue for working capital requirements of its subsidiary Optival Health Solutions.
The company has over 20% share in organised pharmacy retail with a network of 2,165 stores in Tamil Nadu, Telangana, Karnataka, West Bengal, Odisha, Andhra Pradesh and Maharashtra.
Aditya Birla Capital, Prabhudas Lilladher, ICICIdirect and AngelOne had given a subscribe rating to the IPO. "We believe MedPlus will trade at higher multiple as it is a pure-play omnichannel company, scarcity premium and high growth rates," said Prabhudas Lilladher in its pre-IPO note.
The stock opened at ₹1,040 and closed at ₹1,120.85 on the NSE. The strong listing comes after its ₹1,398-crore IPO was subscribed about 53 times . The quota for qualified institutional buyers was subscribed about 53 times while the portion set aside for high net-worth individuals was subscribed a little over 85 times. The retail portion was subscribed over five times.
The IPO included a fresh issue of ₹600 crore and an offer for sale by selling shareholders of ₹798.3 crore. The company will use funds from the fresh issue for working capital requirements of its subsidiary Optival Health Solutions.
The company has over 20% share in organised pharmacy retail with a network of 2,165 stores in Tamil Nadu, Telangana, Karnataka, West Bengal, Odisha, Andhra Pradesh and Maharashtra.
Aditya Birla Capital, Prabhudas Lilladher, ICICIdirect and AngelOne had given a subscribe rating to the IPO. "We believe MedPlus will trade at higher multiple as it is a pure-play omnichannel company, scarcity premium and high growth rates," said Prabhudas Lilladher in its pre-IPO note.
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