The first public offering (IPO) of the pharmacy chain MedPlus Health Services Limited was subscribed to 52.59 times on the last day of issuance on Wednesday.
The IPO of Rs 1,398.3 crore received bids for 66,13,67,268 shares against 1,25,75,154 shares offered, according to an update on the NSE.
Qualified institutional buyers (QIBs) received a whopping 111.89 subscriptions, while non-institutional investors received 85.33 subscriptions and the private investor category (RIIs) 5.23 subscribers.
The IPO had a new 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 of the new issue will be used to finance the working capital needs of subsidiary Optival.
MedPlus was founded in 2006 by Gangadi Madhukar Reddy, the company’s general manager and general manager.
The Hyderabad-based pharmacy chain offers a wide range of products including pharmaceutical and wellness products such as medicines, vitamins, medical devices and test kits, and FMCG products such as home and personal care items, including toiletries, baby care products, soaps and detergents and disinfectants .
Axis Capital, Credit Suisse Securities (India), Edelweiss Financial Services and Nomura Financial Advisory and Securities (India) were the managers of the offer.