Medplus Health's IPO was subscribed 70 per cent on first day of its issuePharmacy retail chain Medplus Health's initial public offer (IPO) wassubscribed 70 percent on the first day of its issue on Monday.
The public issue subscribed 1.29 times in the retail category, 0.06 times in qualified institutional buyers (QIB) category and0.16 times in the NII category.The three-day offer will conclude on December 15.The IPO comprises fresh issuance of equity shares worth Rs600 crore and an offer for sale (OFS) of up to equity shares aggregating up to Rs798.30 crore by the promoter and existing shareholders.
MedPlus has cut the OFS size to Rs 798.30 crore from Rs1,038.71 crore.The issue includes a reservation of equity shares worth Rs5 crore for the company's employees who will receive those shares at a discount of Rs78 per share to the final issue price.Investors can bid for a minimum of 18 equity shares and in multiples thereof.
At the upper end, one lot of MedPlus shares will cost Rs14,328.Proceeds of the fresh issue will be used for funding the working capital requirements of the company's subsidiary, Optival.