Pharmacy retail chain MedPlus is mulling an initial public offering (IPO) next year to raise around ₹700 crore for funding growth plans.
The groundwork will be started next month and the IPO is likely to be made sometime in the second half of 2020, founder and CEO Madhukar Gangadi said here on Wednesday.
The funds mobilised would be utilised to expand the company, he said, adding that the plan was to set up 1,400 more stores by 2023. There were 1,700 MedPlus stores now. While expanding, the focus would be on strengthening presence in the seven States where the company was present as well as foray into more States.
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Besides the network of brick and mortar pharmacy stores, MedPlus is strong in the online segment. It expected to close this fiscal with nearly ₹2,800 crore turnover, he said in a media interaction here to announce a partnership with Jamieson Wellness Inc., Canada’s leading manufacturer and marketer of natural health products.
A release said it was an exclusive distribution partnership under which MedPlus would sell Jamieson brand products through its pharmacies as well as other offline and online retailers across India. The Canadian company manufactures a range of vitamins, minerals and other natural health supplements and its heritage Jamieson brand is available in over 40 countries.