MedPlus Health Services Ltd. has sought the markets regulator's nod to raise as much as Rs 1,639 crore through an initial public offering, Bloomberg reported.
The Hyderabad-based pharmacy chain seeks to raise as much as Rs 600 crore by selling new shares, while its shareholders plan to pare up to Rs 1,039 crore worth of shares, Bloomberg reported citing the company's draft red herring prospectus filed with the Securities and Exchange Board of India.
The selling shareholders include Lone Furrow Investments Pvt., Premji Invest's PI Opportunities Fund, and Natco Pharma. In May, Bloomberg had reported that the company was working with Nomura Holdings Inc., Edelweiss Financial Services Ltd. and Axis Capital Ltd. on the potential offering.
The listing could also value the Warburg Pincus-backed startup at about $1 billion (about Rs 7,450 crore).
MedPlus, founded in 2006 by Wharton graduate Madhukar Gangadi, runs more than 2,000 pharmacies and general stores across India, as well as an e-commerce unit — MedPlusMart. It also runs a diagnostics service, an optical lens store and business-to-business medical supplies, according to its website.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
