We recommend SUBSCRIBE' to the IPO of Medplus Health Services Ltd (Medplus), a compelling omni- channel play in healthcare retailing as 1) profitable operations despite higher discounts across omni-channel deliveries, given its fully integrated offerings and 2) huge scope to grow as industry moves from unorganized to organized omni- channel players (10% CAGR in Indian retail pharmacy market in next five years). we expect Medplus will gain scale and profitability given 1) faster pace of store expansion (60-70 new stores/month) 2) benefits of economic of scale and 3) faster break-even...