With its public issue, the company aimed to raise Rs 1,398.30 crore for funding the working capital requirements of its subsidiary Optival
The shares of MedPlus Health Services, one of the country’s leading healthcare companies, made a solid start on stock exchanges today, 23 December and got listed at a premium of more than 30 percent from their issue price.
As per a report in Indian Express, the stock got listed at Rs 1,040 per share on the National Stock Exchange (NSE), at a premium of 30.65 percent against its issue price of Rs 796.00. Within minutes of its debut, the MedPlus stocks touched Rs 1,120.00, as per reports.
On Bombay Stock Exchange (BSE) the MedPlus Health Services stocks opened at Rs 1,015.00, up by 27.51 percent from its issue price. The stock went on and touched a high of Rs 1,119.95 within minutes.
At 11.54 am, the scrip was trading at Rs 1,100.05 on NSE, up 38.20 percent from the issue price. While on BSE, the scrip was at 1,100.00, up 38.19 percent.
As per the data shown on BSE, the market capitalisation of MedPlus Health Services stood at Rs 13,074.71 crore.
So far, more than 1.14 crores scrips of Medplus Health have been traded on the NSE. BSE has also reported trading of around 9.10 lakh shares, according to data taken from NSE and BSE websites.
The Initial Public Offering (IPO) of MedPlus Health Services witnessed a tremendous demand during its offer period from 13-15 December. The IPO was subscribed 52.59 times on the final day, as reported by NDTV.
The IPO of MedPlus Health Services had a fresh issue of Rs 600 crore and an Offer For Sale (OFS) of up to 798.30 crore. With its public issue, the company aimed to raise Rs 1,398.30 crore for funding the working capital requirements of its subsidiary Optival.
MedPlus Health Services was founded by Gangadi Madhukar Reddy in 2006. It made a profit of Rs 63.11 crore in the Financial Year 2021, a huge jump from last year’s profit (FY 2020) of Rs 1.79 crore.
The company provides a wide range of products such as medicines, personal care products and medical devices at over 2,000 stores in Maharashtra, West Bengal, Karnataka, Odisha, Tamil Nadu, Andhra Pradesh, and Telangana.