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MedPlus Health Services has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 1,639 crore through an initial public offering (IPO). The equity shares are proposed to be listed on BSE and NSE.

Proceeds of the fresh issue will be used for funding working capital requirements of the company's subsidiary, Optival. Axis Capital, Credit Suisse Securities (India), Nomura Financial Advisory and Securities (India) and Edelweiss Financial Services have been appointed as merchant bankers to advice the company on the IPO.

The Hyderabad-based pharmacy retailer offers a wide range of products, including pharmaceutical and wellness products such as medicines, vitamins, medical devices and test kits, and FMCG products such as home and personal care products, including toiletries, baby care products, soaps and detergents and sanitizers.