MedPlus Health Services Pvt. Ltd plans to raise about $97 million (Rs 700 crore) via an initial public offering (IPO). In another development, Sachin Bansal has invested about $125 million in his venture Navi Technologies. Meanwhile, the government plans to fund more than 250 defence startups.
MedPlus plans $97m IPO
MedPlus Health Services Pvt. Ltd, a pharmacy retail chain, plans to raise about $97 million (Rs 700 crore) via an initial public offering (IPO), PTI reported quoting its promoter Madhukar Gangadi.
Gangadi may also consider offloading a part of his stake in the IPO to pare debt, the report said.
The company will start preparing the Draft Red Herring Prospectus next month, and will use the IPO proceeds for expanding its retail presence across the country. The company currently operates 1,700 outlets across seven states and expects to increase the number to 3,100 by 2023.
MedPlus Health had earlier reportedly raised around Rs700-750 crore in debt financing from Goldman Sachs to buy out existing private equity investors.
Sachin Bansal injects $125m in Navi Tech
As part of the investment, Bansal has picked up 6,83,45,451 shares in Navi Technologies priced at Rs 130 each, the report added.
Bansal co-founded BAC Acquisitions along with his IIT-Delhi batchmate Ankit Agarwal in December last year to invest in a plethora of sectors such as data sciences, healthcare, energy, media and entertainment, and consumer goods.
Govt plans to invest in 250 defence startups
The government plans to fund more than 250 startups to achieve at least 50 ‘tangible innovations’ for the Indian defence sector over the next five year.
To execute the same, the defence ministry will be earmarking at least Rs 500 crore for its Innovations for Defence Excellence (iDEX) initiative, and will try to bring together innovators with public and private sector industry and the armed forces to find new technology solutions, The Economic Times reported.