MedPlus Health Services kicks off IPO; issue subscribed 20% so far

MedPlus Health Services kicks off IPO; issue subscribed 20% so far

FPJ Web DeskUpdated: Monday, December 13, 2021, 12:42 PM IST
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The offer, which closes for subscription on December 15, came out with a price band of Rs 780-796 a share./ Representational image | Photo credit: Freepik

MedPlus Health Services Ltd. kicked off its initial public offer on Monday. The IPO comprises a fresh issue of shares worth Rs 600 crore. The offer, which closes for subscription on December 15, came out with a price band of Rs 780-796 a share.

The company received bids 24.87 lakh equity shares against an IPO size of 1.25 crores, a subscription of 20 percent, CNBCTV18 reported.

The healthcare service aims for a market value of Rs 9,496 crore at the upper end of the price band.

The issue includes a reservation of equity shares worth Rs 5 crore for the company's employees who will receive those shares at a discount of Rs 78 per share to final issue price.

Proceeds of fresh issue

The firm is looking to use the proceeds of the initial share sale for funding working capital requirements of the company's material subsidiary, Optival.

Half of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and 35 per cent for retail investors. Investors can bid for a minimum of 18 equity shares and in multiples thereof.

The equity shares are proposed to be listed on BSE and NSE.

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