IPO WATCH - MedPlus Health Services, Prudent Corporate Advisory Services public issues on block – fund raising, objectives, promoters – Some Key Details Here

The enthusiasm among companies to raise money from the primary markets has been unrelenting. Two more companies have filed preliminary papers with the market regulator Securities and Exchange Board of India (SEBI). MedPlus Health Services files Rs 1,639 cr IPO papers while Prudent Corporate Advisory Services also files IPO papers. More details here

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MedPlus Health Services files IPO – Key Details

1. Pharmacy retail chain MedPlus Health Services has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,639 crore through an initial share-sale.
2. The IPO comprises of fresh issuance of equity shares worth Rs 600 cr and an offer for sale (OFS) of up to equity shares aggregating up to Rs 1,038.71 cr.
3. OFS is by promoter and existing shareholders, according to the draft red herring prospectus (DRHP).
4. The OFS comprises equity shares aggregating up to Rs 450 cr by Lone Furrow Investments; equity share aggregating up to Rs 500 cr by PI Opportunities Fund and equity shares aggregating up to Rs 88.71 crore by other selling shareholders.
5. Offer also has shares reserved for company employees.
6. Proceeds of the fresh issue to be used for funding working capital requirements of the company's subsidiary, Optival.
7. Axis Capital, Credit Suisse Securities (India), Nomura Financial Advisory and Securities (India) and Edelweiss Financial Services have been appointed as merchant bankers to advice the company on the IPO.
8. The equity shares are proposed to be listed on BSE and NSE.
    

MedPlus was founded in 2006 by Gangadi Madhukar Reddy, who is the company's managing director and chief executive officer. The Hyderabad-based pharmacy retailer offers a wide range of products, including pharmaceutical and wellness products.

The company maintains a strong focus on scaling up its store network, having grown from operating initial 48 stores in Hyderabad at the conception of the business to operating India's second largest pharmacy retail network of over 2,000 stores distributed across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal and Maharashtra, as of March 31, 2021, one PTI report said.

Prudent Corporate Advisory Services IPO – Key Details

1. Retail wealth management firm Prudent Corporate Advisory Services has filed draft papers with Sebi to raise funds from the primary markets.
2. The initial share sale of 85,49,340 equity shares comprises an OFS of 82,81,340 equity shares by Wagner Ltd and up to 2,68,000 shares by Shirish Patel, as per the draft red herring prospectus (DRHP), another PTI report said.
3. At present, investor Wagner owns 39.91 per cent stake, and Shirish Patel, whole-time director and chief executive officer of the company, has 3.15 per cent shareholding in the firm.
4. ICICI Securities, Axis Capital and Equirus Capital are the book running lead managers to the issue.
    

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Prudent Corporate Advisory Services is an independent retail wealth management services group (excluding banks) in India and is in the business of mutual fund distribution.

As on May 2021, the company provided wealth management services to 7.73 lakh retail investors through 17,583 mutual fund distributors on its B2B2C platform and is spread across branches in 105 locations in 20 states.