Medplus Health Services IPO subscribed 52.59 times on final day, QIB portion booked 111.90 times

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26 Aug, 2025 12:21

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The public offer of pharmacy retailer Medplus Health Services was subscribed 52.59 times as investors bid for 66.13 crore equity shares against the IPO size of 1.25 crore equity shares on the final day.

It is India's second largest pharmacy retailer with a network of over 2,000 stores across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal, and Maharashtra. It operates via physical stores (91 percent of sales) and online mode (9 percent of FY21 sales).

Medplus is backed by marquee investors including Lavender Rose of the Warburg Pincus group and affiliates of Premji Invest.

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Retail investors bid for 5.24 times their reserved portion of shares and employees put in bids 3.05 times their allotted quota.

The portion set aside for qualified institutional buyers was subscribed 111.90 times and that of non-institutional investors saw 85.33 times subscription.

The offer was subscribed 1.46 times on December 14, the second day of bidding.

Medplus is looking to raise Rs 1,398.30 crore through its public issue, at the upper price band of Rs 796 per share.

"At the upper price band of Rs 796, it is available at a P/E (price-to-earnings) of 71.5x (FY22E annualized), which appears to be aggressively priced," said Geojit Financial Services.

However, Geojit has assigned a “subscribe” rating for the issue on a long-term basis considering its strong growth in revenue and PAT aided by store additions, improving margins, positive industry outlook and brand value.

Click Here To Read Moneycontrol's Exclusive Research Note on Medplus IPO

Medplus recorded revenue growth at a CAGR of around 16 percent over FY19-FY21, driven by launch of new stores and strong SSSG (same-store sales growth) of 8.3 percent. Profit in the same period grew at a CAGR of around 130 percent led by better operating performance
and topline growth.

The pharmacy and wellness retail segment in India is estimated to grow at 25 percent CAGR to $36 billion over FY20-25, led by an increase in life expectancy, better diagnostics, and rising lifestyle-related diseases.

Also read - Medplus Health Services IPO. Should you subscribe to it?

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