Medplus Health Services IPO
Medplus Health Services IPO — date, price band, lot size & details 2021
Medplus Health Services listed on 23 Dec 2021 at ₹1,040, 30.7% above the ₹796 issue price.
MedPlus Health Services is the second largest pharmacy retailer in India by revenue and store count, selling medicines, wellness products and FMCG goods. Its total income was Rs 3,090.81 crore in FY2021.
Stock price
Medplus Health Services is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 13 Dec 2021
- Close 15 Dec 2021
- Allotment 20 Dec 2021
- Refund/credit 21 Dec 2021
- Listing 23 Dec 2021
Issue summary
The terms of the offer, as filed.
| IPO Dates | 13 to 15 Dec, 2021 |
|---|---|
| Price Band | ₹780 – ₹796 |
| Face Value | ₹2 |
| Lot Size | 18 Shares |
| Issue Size | ₹1398.29 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Employee Discount | Rs 78.00 per share |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,328 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 18 shares at the ₹796 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 18 | ₹14,328 |
| Retail (max) | 13 | 234 | ₹1,86,264 |
| S-HNI (min) | 14 | 252 | ₹2,00,592 |
| S-HNI (max) | 69 | 1,242 | ₹9,88,632 |
| B-HNI (min) | 70 | 1,260 | ₹10,02,960 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 2,284.94 crore in FY2019 to Rs 3,090.81 crore in FY2021.
- 02Profit after tax rose from Rs 1.79 crore in FY2020 to Rs 63.11 crore in FY2021.
- 03Profit after tax was Rs 66.37 crore in the six months to 30 September 2021, above the full FY2021 figure.
- 04It ran 2,165 stores, with leading shares of organised pharmacy retail in Chennai and Hyderabad.
- 05Total borrowing fell from Rs 135.24 crore on 31 March 2021 to Rs 56.75 crore on 30 September 2021.
Risks · 5
- 01Profit margins are thin in pharmacy retail. Profit was only Rs 11.92 crore in FY2019 on total income of Rs 2,284.94 crore.
- 02The pre-issue P/E was 140.88 at the upper band of Rs 796, based on EPS of Rs 5.65.
- 03Rs 797.98 crore of the Rs 1,398.29 crore issue was offer for sale, so most of the money went to selling shareholders.
- 04Stores are concentrated in a few states, mostly in South India, across its 2,165 outlets.
- 05Promoters held only 43.16% before the issue and 40.43% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Medplus Health Services offer document.
| Metric | 30 Sep 2021 | 31 Mar 2021 | 31 Mar 2020 | 31 Mar 2019 |
|---|---|---|---|---|
| Assets | 1,746.49 | 1,565.66 | 1,348.70 | 958.71 |
| Total Income | 1,890.90 | 3,090.81 | 2,887.89 | 2,284.94 |
| Profit After Tax | 66.37 | 63.11 | 1.79 | 11.92 |
| EBITDA | 169.64 | 238.21 | 150.96 | 131.35 |
| NET Worth | 800.98 | 730.55 | 527.80 | 291.34 |
| Reserves and Surplus | 794.54 | 730.11 | 527.61 | 291.14 |
| Total Borrowing | 56.75 | 135.24 | 105.05 | 104.40 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Medplus Health Services RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Medplus Health Services IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹5.65 | ₹11.13 |
| P/E Ratio (x) | 140.88 | 71.52 |
| Market Cap at Offer Price (₹ Cr) | ₹9,350.53 | ₹4,746.68 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹796 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹572.74 Cr of the issue is earmarked to named objects.
About the company
It sells medicines, vitamins, medical devices and test kits, plus FMCG goods such as toiletries, baby care products, soaps, detergents and sanitisers. It was the first pharmacy retailer in India to offer an omnichannel platform, with store, phone and online orders and click and pick.
It had 2,165 stores across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal and Maharashtra, and follows a cluster-based approach. In fiscal 2021 its share of organised pharmacy retail was 30% in Chennai and Hyderabad and 29% in Bangalore.
The IPO was Rs 1,398.29 crore, with Rs 600.31 crore of fresh issue and Rs 797.98 crore of offer for sale. Rs 467.17 crore was planned for working capital of its subsidiary Optival.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Medplus Health Services IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Axis Capital
71 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Nomura Financial Advisory & Securities (India) Pvt. Ltd
11 issues handledBest listing: Nazara Technologies (+80.7%). Weakest: Shriram Properties (-23.7%).
Credit Suisse Securities (India) Pvt. Ltd
6 issues handledBest listing: Zomato (+52.6%). Weakest: Star Health and Allied Insurance Company (-6.1%).
Edelweiss Financial Services Ltd
8 issues handledBest listing: Indigo Paints (+75.0%). Weakest: Lodha Developers (-10.3%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Medplus Health Services?
The current Grey Market Premium is ₹150, or 19% over the issue price.
What is the Medplus Health Services IPO price band?
₹780 to ₹796, on a face value of ₹2.
When is the allotment?
The basis of allotment is 20 December 2021, with listing on 23 December 2021.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
