Medplus looks to raise Rs 700 crore via IPO

Pharmacy retailer Medplus is planning to come up with an initial public offering (IPO) aimed at raising about 700 crore.

The retail chain currently operates 1,700 outlets across seven states and hopes to take the number to 3,100 by 2023 pan India barring Jammu and Kashmir, Northeast and parts of UP, Promoter of MedPlus Health Services Pvt Ltd Madhukar Gangadi said.

"We want to start the work (preparation of Draft Red Herring Prospectus-DRHP). 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," he said.

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

He further said they would review the idea of IPO only if anybody offers to pick the stake.