15 Dec , 2021 By : monika singh
NEW DELHI: The Rs 1,300-crore initial public offering (IPO) of Medplus Health Services continued to see decent interest from investors on the final day of the bidding process on Wednesday.
By 11.40 am, the issue was subscribed 2.2 times. It saw applications for 2,76,88,428 shares against the total issue size of 1,25,75,154 shares.
Retail quota was subscribed the most at 3.26 times. Employee quota saw 1.86 times bids while HNI and institutional portion were booked a little more than full.
On a block, the issue consists of fresh equity shares worth Rs 600 while existing shareholders and promoters will offload equity shares worth Rs 798.30 crore.
Investors can bid for a minimum of 18 shares and then in the multiples of 18 thereafter. The issue can be subscribed till Wednesday, December 15.
Pharmacy retail chain MedPlus Health Services on Friday said it mobilised Rs 418 crore from anchor investors ahead of its initial share sale.
Abu Dhabi Investment Authority, BlackRock Global Funds, Fidelity, Nomura, Goldman Sachs, Morgan Stanley, HDFC Life Insurance Company, ICICI Prudential Life Insurance Company and SBI Life Insurance Co Ltd, SBI Mutual Fund (MF) and Aditya Birla Sun Life MF are among the anchor investors.
Despite the aggressive pricing, the company has majorly received positive responses from brokerages, thanks to its higher expansion plans and higher growth prospects.
Medplus with its clustered store presence is well suited to leverage on Omni-channel platform with a hyper-local delivery model, said brokerage firm ICICIDirect.
"At the upper price band, it is valued at 43.9 times EV/EBITDA and 3.1 times EV/Sales for FY21. We assign 'subscribe' rating given its unique model and decent valuation," it added.
The company is predominantly a brick-and-mortar retail pharmacy with a relatively smaller presence on the omnichannel like e-pharmacy segment.
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