Medplus Health Services, India's second-largest pharmacy retailer in terms of the number of stores and revenue, on December 10 mopped up Rs 417.98 crore from 36 anchor investors, ahead of its initial public offering (IPO).
The offer will open for subscription during December 13-15, 2021, with a price band of Rs 780-796 per share.
The company in its BSE filing on Friday said that after consultation with merchant bankers, it has finalised allocation of 52,51,111 equity shares to anchor investors, at a price of Rs 796 per share.
Marquee investors who showed interest in the company through the anchor book were Abu Dhabi Investment Authority, Blackrock Global Funds, Nomura, Fidelity Investment Trust, Goldman Sachs, Morgan Stanley, Wasatch International Opportunities Fund, Carmignac Portfolio, and CI Asian Tiger Fund.
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Domestic investors including HDFC Trustee, Aditya Birla Sun Life, SBI Mutual Fund, Nippon Life, Kotak Mutual Fund, Motilal Oswal Mutual Fund, HDFC Life Insurance, ICICI Prudential Life Insurance, SBI Life Insurance, and Edelweiss also invested in the company.
"Out of the total allocation of 52,51,111 equity shares to the anchor investors, 17,96,238 equity shares were allocated to 7 domestic mutual funds through a total of 18 schemes," said the company.
Medplus Health Services aims to garner Rs 1,398.3 crore through its initial public offering. The offer comprises fresh issuance of shares worth Rs 600 crore, and an offer for sale of Rs 798.3 crore by selling shareholders.
PI Opportunities Fund – I, SS Pharma LLC, Shore Pharma LLC, Natco Pharma, Time Cap Pharma Labs, A. Raghava Reddy, K. Prakurthi, Navdeep Patyal, Sangeeta Raju, R. Venkat Reddy, T.K. Kurien, Nithya Venkataramani, Atul Gupta, Manoj Jaiswal, Rahul Garg, Kollengode Ramanathan Lakshminarayana and Bijou Kurien are going to offload their shares in the offer via offer for sale.
The fresh issue proceeds will be utilised for the working capital requirements of its subsidiary, Optival Health Solutions.
On December 8, in a pre-offering period, Medplus' largest shareholder and investor Lavender Rose Investments sold a 6.18 percent stake in the company ahead of its initial public offering and anchor book openings.
Lavender mobilised Rs 550 crore by selling 69,09,548 equity shares to SBI Mutual Fund, Motilal Oswal Mutual Fund and Malabar Mutual Fund on December 8, at an upper price band of Rs 796 per share, as per the company's addendum (notice to investors) published in newspaper on December 10.
Medplus has maintained a strong focus on scaling up store network and has grown from its initial 48 stores in Hyderabad to India’s second largest pharmacy retail network of 2,000 stores distributed across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal and Maharashtra.
Also read - Medplus Health IPO | Grey market premium up 38% ahead of the launch
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