MedPlus Health Services Limited IPO Subscription Status Day 3: Issue subscribed 52.59 times, QIB portion booked 112 times on final day

The initial public offer (IPO) of MedPlus Health Services Limited was subscribed 52.59 times so far on the final day of the issue till 05:00 pm, as the qualified institutional buyers led the subscription on Day 3. The IPO of health services provider saw bids being made for 66,13,67,268 shares against reserved 1,25,75,154 shares.  The NIIs subscribed to the issue 85.33 times, retail quota saw 5.24 times subscription, while the QIBs portion was filled 111.9 times around 05:00 pm on Wednesday.  

Quota reserved for employees was also oversubscribed almost thrice as the category was booked 3.05 times.  

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Earlier on Day 2, the public offer was subscribed 1.46 times on Tuesday.  

The company has been receiving good response from retail investors. As per market reports, Grey Market Premium (GMP) is trading at around 26% i.e Rs 210 above issue price, so if investors receive the allotment, then expected listing gains will be around Rs 3780 per allotment," said Yash Gupta, Equity Research Analyst, Angel One Ltd.  

Yash said looking at the valuation on the issue price, the company’s IPO is priced at an EV/EBITDA of 27.5 times and price to sales at 2.5 times at the upper price band of the IPO. "This is better than the listed peers. Therefore, we have assigned a subscribed rating for the IPO," he added.  

The three-day initial public offer (IPO) will close today, December 15. The issue comprises a fresh issue of up to Rs 600 crore and an offer for sale (OFS) of up to Rs 798.29 crore.    

Medplus had a fixed price band of Rs 780-Rs 796 for this IPO. One lot consists of 18 equity shares. An investor can apply for a minimum of one lot or 18 equity shares and in multiples thereof. The maximum subscription amount for a retail investor has been capped at Rs 2 lakh, while for eligible employees, it is Rs 5 lakh.    

Maximum bid quantity for the QIB investors 12,503,916 equity shares in multiple of 35 Equity Shares, while for NIB Investors 8,931,366 equity shares in multiple of 35 Equity Shares.    
Axis Capital Limited, Credit Suisse Securities (India) Private Limited, Edelweiss Financial Services Limited and Nomura Financial Advisory and Securities (India) Private Limited are Book Running Lead Managers (BRLMs), while the sponsor bank is Axis Bank Limited.