Medplus Health Services lists at 27.5% premium

Shares of Medplus Health Services saw a healthy listing on Thursday. The shares were listed at 27.5% premium over the IPO price of ₹796.

Medplus Health Services listed at ₹1015 on the BSE, up ₹219.00 or 27.51 per cent from the issue price. Post listing, it climbed further to reach a high of ₹1119.95.

At 10:54 am, it was trading at ₹1094.65, up ₹298.65 or 37.52 per cent from the issue price.

It was listed at ₹1,040 on the NSE, up ₹244 or 30.65 per cent from the IPO price.

The company had fixed the IPO price at ₹796, at the upper end of the price range of ₹780-796.

The ₹1,398.30-crore Medplus Health Services’ IPO witnessed a strong response, especially on the last day for public subscription.

Overall, the IPO was subscribed 52.59 times, as non-institution investors, generally referred as HNIs and qualified institutional buyers. The retail individual investors category was subscribed 5.24 times, while HNIs and QIBs received bids 85.33 times and 111.90 times, respectively.

The MedPlus Health IPO, which was a fresh issue of up to ₹600 crore and an OFS of up to ₹798.30 crore, ahead of the issue, had raised ₹417.98 crore from anchor investors by allocating 52.51 lakh equity shares to anchor investors at ₹796 apiece.

Santosh Meena, Head of Research, Swastika Investmart Ltd said, "MedPlus has an omnichannel platform and is the second-largest pharmacy retailer. We believe the growth opportunities from the industry will justify the company's valuation in the long run, even if it appeared to be expensive at first glance."

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