(Bloomberg) -- MedPlus Health Services Pvt Ltd. has selected banks for an initial public offering in Mumbai that could raise about $300 million, according to people familiar with the matter.
The Indian pharmacy chain is working with Nomura Holdings Inc., Edelweiss Financial Services Ltd. and Axis Capital Ltd. on the potential offering, said the people, who asked not to be identified as the information is private. A listing could the Warburg Pincus-backed startup at about $1 billion, they said.
The company plans to file an initial draft prospectus for the IPO as soon as August, the people said. The offer will primarily consist of existing shares, the people said.
Details of the offering including the size and and timeline could change. Representatives for MedPlus, Nomura, Edelweiss and Axis Capital did not immediately respond to requests for comment.
MedPlus was founded in 2006 by Madhukar Gangadi, who is a graduate of the Wharton School at the University of Pennsylvania, according to the company’s website. MedPlus has over 2,000 pharmacies and general stores across India, as well as an e-commerce unit, MedPlusMart. It also runs a lab testing division, an optical store chain and a medical supplies distribution arm.
The company is joining a slew of Indian startups planning to go public this year. Online food delivery firm Zomato Ltd. filed an initial draft prospectus with the market regulator in April, while no-frills carrier Go Airlines India Ltd. submitted its draft filing in May.
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