Mankind Pharma looking to sell 15 per cent stake; PE funds make a bee-line
, ET Now|
Updated: Sep 25, 2017, 09.03 PM IST
Delhi based Mankind Pharma, one of India's top pharmaceutical companies and maker of leading brands like Manforce condoms, PregaNews & Unwanted 72 is eyeing a mega fund raising round, multiple sources familiar with ongoing negotiations told ET NOW on the condition of anonymity.
"Mankind Pharma is looking to sell a 15% stake in the company and is eyeing a premium valuation of $500-$600 mn for the same. The proposed transaction is at a preliminary stage and investment bank Moelis has been mandated to scout for potential buyers. The process was launched recently," said one of the sources cited above.
If struck at the expected valuation, the deal would value Mankind Pharma at $4bn. "Several leading private equity funds including the likes of Bain Capital & Warburg Pincus have expressed preliminary interest in the proposed stake sale," added a second source.
Mankind Pharma has grown at a scorching pace in recent years and has witnessed private equity investments in the past with ChrysCapital raking in a ten-fold gain when it sold its 11% stake held in the company for seven years to Capital International for a little over $200 mn.
ET NOW is awaiting email responses from Mankind Pharma & Warburg Pincus. Moelis & Bain Capital declined to comment on the ET NOW query.
Mankind Pharma focuses on a variety of therapeutic segments such as antibiotics, anti-fungal, gastro-intestinal , anthelmintic, cardiovascular, NSAIDs, dermal & erectile dysfunction. Some of its other brands include Adiction (deodorants for men), Gas-O-Fast (sachet for hyper acidity), Kaloree-1 (artificial sweetener) and Heal-O-Kind (anti-bacterial balm). The company has 18 manufacturing units in Paonta Sahib, Himachal Pradesh.
The company had reported revenues of around Rs 4,400 crores in FY 16-17 and operates in 22 countries with a workforce of more than 14,000 employees.
"Mankind Pharma is looking to sell a 15% stake in the company and is eyeing a premium valuation of $500-$600 mn for the same. The proposed transaction is at a preliminary stage and investment bank Moelis has been mandated to scout for potential buyers. The process was launched recently," said one of the sources cited above.
If struck at the expected valuation, the deal would value Mankind Pharma at $4bn. "Several leading private equity funds including the likes of Bain Capital & Warburg Pincus have expressed preliminary interest in the proposed stake sale," added a second source.
Mankind Pharma has grown at a scorching pace in recent years and has witnessed private equity investments in the past with ChrysCapital raking in a ten-fold gain when it sold its 11% stake held in the company for seven years to Capital International for a little over $200 mn.
ET NOW is awaiting email responses from Mankind Pharma & Warburg Pincus. Moelis & Bain Capital declined to comment on the ET NOW query.
Mankind Pharma focuses on a variety of therapeutic segments such as antibiotics, anti-fungal, gastro-intestinal , anthelmintic, cardiovascular, NSAIDs, dermal & erectile dysfunction. Some of its other brands include Adiction (deodorants for men), Gas-O-Fast (sachet for hyper acidity), Kaloree-1 (artificial sweetener) and Heal-O-Kind (anti-bacterial balm). The company has 18 manufacturing units in Paonta Sahib, Himachal Pradesh.
The company had reported revenues of around Rs 4,400 crores in FY 16-17 and operates in 22 countries with a workforce of more than 14,000 employees.
