Pharmacy retail chain Medplus Health's initial public offer (IPO) received a good response in the primary market as it was subscribed 1.46 times on second day of its issue.
The public issue subscribed 2.64 times in the retail category, 0.09 times in the qualified institutional buyers (QIB) category and 0.50 times in the non institutional investors category
The three-day offer, which had opened on December 13 for subscription, will conclude on December 15.
The IPO comprises fresh issuance of equity shares worth Rs 600 crore and an offer for sale (OFS) of up to equity shares aggregating up to Rs 798.30 crore by the promoter and existing shareholders. MedPlus has cut the OFS size to Rs 798.30 crore from Rs 1,038.71 crore.
The issue includes a reservation of equity shares worth Rs 5 crore for the company's employees who will receive those shares at a discount of Rs 78 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 Rs 14,328.
Proceeds of the fresh issue will be used for funding the working capital requirements of the company's subsidiary, Optival.
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