New Delhi: Shares of pharmacy retail chain MedPlus Health Services made a solid start at the exchanges on Thursday. The stock got listed at Rs 1,040 on NSE, a premium of 30.65 per cent against its issue price of Rs 796. It touched an intraday high of Rs 1,120 after a strong listing.
The scrip opened at Rs 1,015 on BSE and later hit a day high of Rs 1,119.95. The market cap stood at over Rs 13,000 crore.
MedPlus Health's initial public offer (IPO) was subscribed 52.59 times on the last day of the issue which concluded on December 15. The Rs 1,398.3-crore IPO received bids for 66,13,67,268 shares against 1,25,75,154 shares on offer.
The IPO had a fresh issue of up to Rs 600 crore and an offer for sale (OFS) of up to Rs 798.30 crore.
MedPlus Health had garnered Rs 418 crore from anchor investors ahead of its public issue.
The company stated that proceeds of the fresh issue will be used for funding working capital requirements of MedPlus Health's subsidiary, Optival.
MedPlus was founded in 2006 by Gangadi Madhukar Reddy, who is the company's managing director and chief executive officer.
The Hyderabad-based pharmacy retailer offers a wide range of products, including pharmaceutical and wellness products, such as medicines, vitamins, medical devices and test kits, and FMCG products like home and personal care items, including toiletries, baby care products, soaps and detergents and sanitisers.
Axis Capital, Credit Suisse Securities (India), Edelweiss Financial Services and Nomura Financial Advisory and Securities (India) were the managers of the offer.
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