Today is the last day for the public subscription of Medplus Health’s initial public offering, which was subscribed 1.46 times so far. The price band of the issue ₹780-796 and investors can bid for a minimum of 18 equity shares. The ₹1,398-crore offer comprises of fresh issuance of equity shares worth ₹600 crore and an offer for sale (OFS) of up to equity shares aggregating up to ₹798.30 crore by the promoter and existing shareholders.

While the retail portion was subscribed 2.64 times, the QIBs portion got 0.09 times and the NII category by 0.50 times. The portion reserved for employees saw a strong response. Employees who enjoy a discount of ₹78 per share to the final issue price, was subscribed 1.73 times. The quota reserved for them was subscribed 0.76 times. The proceeds of the fresh issue will be used for funding the working capital requirements of the company’s subsidiary, Optival.

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Ahead of the issue, MedPlus Health has raised ₹417.98 crore from anchor investors. The company has allotted 52.51 lakh equity shares to anchor investors at ₹796 apiece, who included Abu Dhabi Investment Authority, BlackRock Global Funds, Fidelity, Nomura, Goldman Sachs, Morgan Stanley, HFFC Life Insurance Company, ICICI Prudential Life Insurance Company and SBI Life Insurance Co Ltd, SBI Mutual Fund (MF) and Aditya Birla Sun Life MF.

Data Patterns attracts retail investors

The IPO of Chennai-based Data Patterns (India), a vertically integrated defence and aerospace electronics solutions provider catering to the indigenously developed defence products industry, saw a strong response from retail investors on Day 1 of the issue opening.

The price band for the offer has been fixed as ₹555–585 a share and the market lot is 25 equity shares. While retail portion was subscribed 5.89 times, non-institutional category received bids for 1.46 times. On the other hand, QIBs are yet to subscribe.

The public issue comprises a fresh issue of ₹240 crore and an offer for sale of 59,52,550 equity shares by the promoter and individual selling shareholders. The company has raised ₹176 crore from anchor investors ahead of its initial share by allotting 30.16 lakh shares at ₹585 a share.

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The anchor book has seen strong participation from domestic mutual funds (HDFC MF, ICICI Pru MF, Axis MF, Kotak MF, Birla MF, Nippon MF, FT MF, Tata MF, PGIM MF and IIFL MF), life insurance companies (HDFC Life and Tata AIA Life) and other institutional investors (Nomura Funds, White Oak Capital and Enam).

Data Patterns core competencies include design and development across electronic hardware, software, firmware, mechanical, product prototype besides its testing, validation and verification. Its involvement has been across radars, underwater electronics/communication and other systems, electronic warfare suites, avionics, small satellites, automated test equipment, COTS and programmes catering to Tejas Light Combat Aircraft, Light Utility Helicopter, BrahMos and other Communication and Electronic Intelligence Systems.

HP Adhesives issue opens today

The ₹126-crore HP Adhesives initial public offering opens for subscription today. The public offer comprises a fresh issue of 41.40 lakh equity shares (₹113.44 crore) and an offer for sale of 4.57 lakh equity shares (₹12.53 crore) by selling shareholder Anjana Haresh Motwani.

The price band for the offer is at ₹262-274 a share and the market lot is 50 shares. On Tuesday, HP Adhesives raised ₹56.68 crore from three anchor investors – Coeus Global Opportunities Fund, 3 Sigma Global Fund and AG Dynamic Funds – by allotting 20.68 lakh shares at ₹274.

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While 75 per cent is reserved for qualified institutional buyers, non-institutional bidders and retail investors can bid for 15 per cent and 10 per cent respectively.

The company plans to use the issue proceeds for working capital requirements and expansion of production capacity at the existing manufacturing facility at Village Narangi (Maharashtra). The fresh issue money will also get utilised for expansion of existing installed capacities for existing product lines and addition of new products to the existing product portfolio.

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