Mankind Pharma Rs 4,326 crore IPO to open on April 25

MUMBAI:  Mankind Pharma, the fourth largest pharma company in the country by sales,  on Wednesday, said it has fixed a price band of Rs 1,026-Rs 1,080 a share for its Rs 4,326-crore initial public offering (IPO). The value of the Delhi-based company, which is backed by private equity firm ChrysCapital- is pegged at Rs 43,264 crore at the top end of the offer price.

The firm was started by brothers Ramesh Juneja, who worked as a medical representative in his early days, and Rajeev Juneja with a seed capital of Rs 50 lakh in 1995.  The company hit revenue of Rs 7,781 crore and Rs 1,452 crore net profit at the end of the financial year 2022.

“The IPO will provide an exit opportunity to our existing investors,” said Rajeev Juneja, Vice Chairman and Managing Director of Mankind Pharma, talking on the sidelines of a press conference held to announce IPO details. “We will continue to focus on the domestic market,” he added.

The IPO will comprise an offer for sale (OFS) of over 4 crore equity shares by the promoters and existing shareholders of the company, which sells Manforce condoms, and Prega News pregnancy detection kits.