Medplus Health Services raised Rs 418 crore from anchor investors

Medplus Health Services, India’s second-largest pharmacy retailer in terms of the number of stores and revenue, on December 10 raised Rs 417.98 crore from 36 anchor investors, ahead of its IPO.

The company in its BSE filing has informed hat after consultation with merchant bankers, it has finalised allocation of 52,51,111 equity shares to anchor investors, at a price of Rs 796 per share.

Marquee investors who showed interest in the company through the anchor book were Abu Dhabi Investment Authority, Blackrock Global Funds, Nomura, Fidelity Investment Trust, Goldman Sachs, Morgan Stanley, Wasatch International Opportunities Fund, Carmignac Portfolio, and CI Asian Tiger Fund.

Domestic investors including HDFC Trustee, Aditya Birla Sun Life, SBI Mutual Fund, Nippon Life, Kotak Mutual Fund, Motilal Oswal Mutual Fund, HDFC Life Insurance, ICICI Prudential Life Insurance, SBI Life Insurance, and Edelweiss also invested in the company.

Out of the total allocation of 52,51,111 equity shares to the anchor investors, 17,96,238 equity shares were allocated to 7 domestic mutual funds through a total of 18 schemes.

The IPO will open for subscription during December 13-15, 2021, with a price band of Rs 780-796 per share.

Medplus Health Services aims to garner Rs 1,398.3 crore through its initial public offering. The offer comprises fresh issuance of shares worth Rs 600 crore, and an offer for sale of Rs 798.3 crore by selling shareholders.

The fresh issue proceeds out of the IPO will be utilised for the working capital requirements of its subsidiary, Optival Health Solutions.

Ahead of its initial public offering and anchor book openings,on December 8, in a pre-offering period, Medplus’ largest shareholder and investor Lavender Rose Investments sold a 6.18 percent stake in the company .

Lavender mobilised Rs 550 crore by selling 69,09,548 equity shares to SBI Mutual Fund, Motilal Oswal Mutual Fund and Malabar Mutual Fund on December 8, at an upper price band of Rs 796 per share, as per the company’s notice to investors published in newspaper on December 10.