NEW DELHI: MedPlus Health Services shares made a stellar debut on stock exchanges on Thursday as the stock began trading at Rs 1,015 per share on the BSE, up Rs 219 or 27.51% from the IPO price of Rs 796 per share. On the NSE, MedPlus shares listed at Rs 1,040 apiece, a premium of over 30%.
The scrip closed its first session at Rs 1120.85 on the BSE and had a market capitalisation of Rs 13,372.38 crore. The strong performance of MedPlus came after a series of dismal openings for IPOs on the stock exchanges.
Rakesh Jhunjhunwala-backed Metro Brands on Wednesday made a weak debut with the stock getting listed at `436 on BSE, a discount of 12.8% over its issue price of Rs 500.
Metro was also the second Jhunjhunwala-backed IPO, after Star Health and Allied Insurance, which got listed below the offer price in a row. Coming to MedPlus, analysts are sure of the company’s long-term growth and even believe that it may emerge as a ‘wealth creating’ stock.
Yash Gupta, Equity Research Analyst at Angel One suggested short-term investors to book profit as the company was trading at EV (enterprise Value) /EBITDA of 37 times based on H1FY2022, in line with the listed peers.
In the long term, Gupta said investors can wait for lower levels to buy, as MedPlus, the second-largest pharmacy retailer in India, offers a good value proposition to customers in terms of discount, a range of products and fast delivery.