India's MedPlus Health lists at 31% premium in market debut

MedPlus Health Services

23/12/2021 06:05

** Shares of pharmacy retail chain operator  MEDP.NS  gain
as much as 40.7% to 1,120 rupees in their Mumbai market debut;
co valued at 133.62 bln rupees ($1.77 bln) at session high
    ** MEDP shares open at 1,040 rupees, a 30.7% premium to the
IPO price of 796 rupees
    ** The 13.98 bln rupees IPO consisted of a fresh issue of up
to 6 bln rupees and an offer for sale of shares of up to 7.98
bln rupees
    ** The offering had drawn bids for 52.6 times the shares on
offer
    ** MedPlus had reduced the offering size from earlier
planned 16.39 bln rupees  urn:newsml:reuters.com:*:nFWN2PN146
    ** MEDP said net proceeds from the offer would be used for
investment into unit Optival for funding working capital
requirements 
    ** MedPlus operates 2,165 stores in 242 Indian cities as of
June 2021, according to its website
    ** MEDP operations include manufacturing and contract
manufacturing of private label pharmaceutical, wellness and fast
moving consumer goods products, import, distribution, and
pathology diagnostic laboratory testing
    ** Indian digital healthcare platform PharmEasy had also
filed for an IPO in November  urn:newsml:reuters.com:*:nL4N2S10VS

($1 = 75.4220 Indian rupees)

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (Within U.S.
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