Medplus aims to raise Rs 700 cr via IPO to expand its store count

Medplus is aiming for an Initial Public Offering (IPO) to raise about Rs 700 crores.

Currently, the pharmacy retail chain is operating 1,700 outlets across seven states. it targets to take the number of outlets to 3,100 by 2023 pan India, barring Jammu and Kashmir, Northeast and parts of UP

Madhukar Gangadi, Promoter of MedPlus Health Services Pvt Ltd, said, “We want to start the work (preparation of Draft Red Herring Prospectus-DRHP). We will start from December. We are planning to raise about Rs 700 crore. This is for our growth plans. I also want to offload some stake to take care of the promoter level debt. But the amount is mainly for growth.”

The promoters hold 77% in Medplus while Wipro Chairman Azim Premji's Premji Invest holds 13% and the rest is held by others.

The company is expecting Rs 2800 crore topline by the end of the current fiscal with Rs 85 crore EBITDA (Earnings before interest, tax, depreciation and amortization) margins.