Initial Public Offering: MedPlus Health Files for Rs 1.639 Crore IPO

 MedPlus Health Services, a pharmacy chain, has filed preliminary papers with the Securities and Exchange Board of India. The documents are intended to raise Rs 1,639 million through an initial share sale. According to the draft red herring prospectus, (DRHP), the initial public offering (IPO), consists of fresh issuances of equity shares in the amount of Rs 600 crore and an open for sale (OFS), of up to equity securities totaling Rs 1,038.71 million by the promoter and existing shareholders.

Lone Furrow Investments has offered equity shares totalling Rs 450 crore, PI Opportunities Fund – I has equity shares totalling Rs 500 crore and equity shares totalling Rs 88.71 million by various selling shareholders. The proceeds of the new issue will be used to fund working capital requirements at Optival, the company's subsidiary.

MedPlus Health Services, a Hyderabad-based pharmacy retailer, sells a wide variety of products including pharmaceutical and wellness products like medicines, vitamins and medical devices, as well as FMCG products such home and personal care products including soaps, detergents, and sanitizers.

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