Pharmacy Retail Chain Plans To Go Public Via IPO
MedPlus IPO Plans: On Wednesday, the officials of MedPlus announced that it plans to launch an IPO in the next year. MedPlus aims to raise about Rs 700 crore through this public offer. Currently, the MedPlus brand operates 1,700 outlets across seven states. Promoters of the company hope that it will take to several 3,100 from 1,700 by 20223. They plan to launch new branches across UP, Jammu & Kashmir, and Northeast states said by the officials.
They will start work for IPO related to the draft prospectus or DRHP in the next month. A person who familiar with MedPlus IPO Plans said that they plan to dilute some percentage of a stake through this offer. But, the net proceeds of the issue utilize for their business growth only.
As of the data, 77 percent of the issue hold by the promoters and 13 percent hold by Premji Invest. The remaining part of the issue hold by the officials.
Moreover, the company will expect to cross earnings of Rs 2,800 crore margin by the end of the current fiscal.
A source said that the pharmacy retailer MedPlus signed on a distribution agreement. It deals with Jamieson Wellness Inc which is Canada based high-quality natural health products manufacturing company. The main purpose of this agreement is to selling the letter’s natural health goods through formers local exits.