Cyril Amarchand Mangaldas advised MedPlus Health IPO
Cyril Amarchand Mangaldas acted as legal counsel to MedPlus Health Services Limited (MedPlus) and to Premji Invest.
Cyril Amarchand Mangaldas advised MedPlus Health IPO Cyril Amarchand Mangaldas acted as legal counsel to MedPlus Health Services Limited (MedPlus) and to Premji Invest. Cyril Amarchand Mangaldas advised INR 1,398 crore Initial Public Offering (IPO) for MedPlus. This is the first IPO in India by a company engaged in the business of pharmacy retail. MedlPlus is the second largest...
Cyril Amarchand Mangaldas advised MedPlus Health IPO
Cyril Amarchand Mangaldas acted as legal counsel to MedPlus Health Services Limited (MedPlus) and to Premji Invest.
Cyril Amarchand Mangaldas advised INR 1,398 crore Initial Public Offering (IPO) for MedPlus. This is the first IPO in India by a company engaged in the business of pharmacy retail.
MedlPlus is the second largest pharmacy retailer in India, and offers a wide range of products, including pharmaceutical, wellness products and fast-moving consumer goods.
The Capital Markets practice of Cyril Amarchand Mangaldas advised on the IPO Transaction (Offer). The Transaction team was led by Vijay Parthasarathi, Partner; with support from Rohit Tiwari, Principal Associate; Tanvi Kini, Senior Associate; Satakshi Sharma, Associate; Akhileshwari Anand, Associate.
The Premji Invest team was led by Reuben Chacko, Partner, with support from Janhavi Manohar, Principal Associate, Pragya Gupta, Associate.
Additionally, Avinash Umapathy, Partner; Sangita John, Partner; and Sharada Ramachandra, Partner; with support from Nandita Menon, Senior Associate; advised Premji Invest on certain financial and corporate matters.
The Offer involved sale of 17,573,342 Equity Shares of face value of INR 2 each for cash at a price of INR 796 per Equity Share (including a premium of INR 794 per Equity Share) ("Offer Price") aggregating to INR 13,982.95 million, comprising of a Fresh Issue of 7,544,511 Equity Shares aggregating to INR 6,000 million (The "Fresh Issue") by MedPlus Health Services Limited; and an Offer for Sale of 10,028,831 Equity Shares aggregating to 7,982.95 million (the "Offer for Sale").
Shardul Amarchand Mangaldas & Co. advised as Indian legal counsel to Axis Capital Limited, Credit Suisse Securities (India) Private Limited, Edelweiss Financial Services Limited,and Nomura Financial Advisory and Securities (India) Private Limited who acted as book running lead managers (BRLMs) to the Issue.
Sidley Austin LLP acted as a International legal counsel to the BRLMs. Samisti Legal LLP were the Indian legal counsel to the Promoters.
The Transaction was signed on May 26, 2021 and was closed on December 16, 2021.