Apr 23, 2023
Anushka SharmaThe initial share sale of MankindPharma, which is probably the biggest so far this year, will open for public subscription next week. The pharma company, which is known for its at-home pregnancy testing kits, has announced the price band earlier this week. Here are keythings to know about the public offer before you move ahead to subscribe.
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The IPO will be launched on April 25 and will stay open till April 27. The shares are likely to get listed on May 9 on both the exchange NSE and BSE.
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The offer size is worth about Rs 4,326 crore.
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The IPO is completely an offer for sale (OFS) of 40 million equity shares by promoters and other existing shareholders.
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Those selling shares in the OFS are promoters Ramesh Juneja, Rajeev Juneja and Sheetal Arora. Besides, Cairnhill CIPEF, Cairnhill CGPE, Beige Limited, and Link Investment Trust will participate in the OFS.
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The company has set a price band of Rs 1,026-1,080 for its IPO. At the upper end of the price band, the company is seeking a valuation of Rs 43,264 crore ($5.27 billion), making it the biggest launch so far this year.
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MankindPharma is the fourth largest Indian pharmaceutical company in terms of domestic sales and third largest in terms of sales volume for moving annual total as of December 2022. It has a pan-India marketing presence and operates 25 manufacturing facilities across the country.
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Mankind posted a net profit of Rs 996 crore for the nine months ended December 2022 period, which is down from Rs 1,243 crore in the same period of preceding year. The company's revenue from operations for the same period rose nearly 11% to Rs 6,697 crore.
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Kotak Mahindra Capital Company, Axis Capital, IIFL Securities, Jefferies India and JP Morgan India are the book-running lead managers to the issue.
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About 50% of the issue size has been reserved for qualified institutional buyers (QIBs), 35% for retail investors and the remaining 15% for non-institutional investors.
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