<p>India’s No. 2 pharmacy retail chain MedPlus Health Services, backed by investors such as Warburg Pincus and Premji Invest, made a strong debut on the bourses on Thursday.</p>.<p>Its shares opened at Rs 1,040 per share on the NSE, representing a 30% premium over its issue price of Rs 796 per share. They touched an intra-day high of Rs 1143.90 before closing at Rs 1120.</p>.<p>Analysts said the company deserved the welcome it received on the bourses citing its strong fundamentals and wide geographical presence.</p>.<p>“While being an omnichannel retailer, it is also not a cash burner like many of the new-age online companies which burn a lot of cash. We advise the investors to hold for the long term and witness the company’s growth,” Geetanjali Kedia, a senior research analyst at S P Tulsian Investment Advisers, said.</p>.<p>The company’s healthy growth in terms of revenue in the last two to three years and strong financials were the reasons for attracting investors’ interest, Kedia explained.</p>.<p>Others such as Arun Kejriwal, founder of advisory firm Kejriwal Research, agreed.</p>.<p>“The company closed with gains of Rs 324, which translates to about 40% on the issue price. It is certainly a good listing by all standards,” Kejriwal said.</p>.<p>The issue is richly valued, it showed the market expected the company to do well, he added.</p>.<p>MedPlus had set a price band of Rs 780-796 a share for its Rs 1,398 crore initial public offering.</p>.<p>Its primary issue was subscribed 52.59 times.</p>.<p><strong>Watch latest videos by DH here:</strong></p>
<p>India’s No. 2 pharmacy retail chain MedPlus Health Services, backed by investors such as Warburg Pincus and Premji Invest, made a strong debut on the bourses on Thursday.</p>.<p>Its shares opened at Rs 1,040 per share on the NSE, representing a 30% premium over its issue price of Rs 796 per share. They touched an intra-day high of Rs 1143.90 before closing at Rs 1120.</p>.<p>Analysts said the company deserved the welcome it received on the bourses citing its strong fundamentals and wide geographical presence.</p>.<p>“While being an omnichannel retailer, it is also not a cash burner like many of the new-age online companies which burn a lot of cash. We advise the investors to hold for the long term and witness the company’s growth,” Geetanjali Kedia, a senior research analyst at S P Tulsian Investment Advisers, said.</p>.<p>The company’s healthy growth in terms of revenue in the last two to three years and strong financials were the reasons for attracting investors’ interest, Kedia explained.</p>.<p>Others such as Arun Kejriwal, founder of advisory firm Kejriwal Research, agreed.</p>.<p>“The company closed with gains of Rs 324, which translates to about 40% on the issue price. It is certainly a good listing by all standards,” Kejriwal said.</p>.<p>The issue is richly valued, it showed the market expected the company to do well, he added.</p>.<p>MedPlus had set a price band of Rs 780-796 a share for its Rs 1,398 crore initial public offering.</p>.<p>Its primary issue was subscribed 52.59 times.</p>.<p><strong>Watch latest videos by DH here:</strong></p>