The initial public offering (IPO) of Mankind Pharma was subscribed 14% far on Day 1. While retail investors’ part was subscribed 10%, non-institutional investors’ (NIIs’) portion was subscribed 33%. QIB category, on the other hand, was subscribed 8%.
According to market sources, the grey market premium (GMP) of Mankind Pharma is around Rs 90-95 on Tuesday — higher than the previous day.
The Rs 4,300-crore IPO, which is completely an offer for sale (OFS), will be available for public to bid till April 27. Investors can bid for 13 shares in 1 lot and in multiples thereof.
Under the OFS, around 40 million shares will be offloaded by promoters and selling shareholders. The company has set a price band of Rs 1,026-1080 per share.
At the higher end of the price band, the shares of Mankind Pharma are valued at 30x FY22 EPS.
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.
Most analysts are positive on the company, given its strong brand reputation and the opportunity areas for growth despite not so cheap valuations.
ICICI Direct has a "subscribe" recommendation to the issue as it benefits from its strong foothold in domestic branded formulations with emphasis on affordable product offerings.
Mankind Pharma 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. As of December 2022, the company had a team of over 600 scientists and a dedicated in-house R&D centre with four units located at IMT Manesar, Gurugram and Thane.
Kotak Mahindra Capital Company, Axis Capital, IIFL Securities, Jefferies India and JP Morgan India are the book-running lead managers to the issue.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
According to market sources, the grey market premium (GMP) of Mankind Pharma is around Rs 90-95 on Tuesday — higher than the previous day.
The Rs 4,300-crore IPO, which is completely an offer for sale (OFS), will be available for public to bid till April 27. Investors can bid for 13 shares in 1 lot and in multiples thereof.
Under the OFS, around 40 million shares will be offloaded by promoters and selling shareholders. The company has set a price band of Rs 1,026-1080 per share.
At the higher end of the price band, the shares of Mankind Pharma are valued at 30x FY22 EPS.
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.
Most analysts are positive on the company, given its strong brand reputation and the opportunity areas for growth despite not so cheap valuations.
ICICI Direct has a "subscribe" recommendation to the issue as it benefits from its strong foothold in domestic branded formulations with emphasis on affordable product offerings.
Mankind Pharma 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. As of December 2022, the company had a team of over 600 scientists and a dedicated in-house R&D centre with four units located at IMT Manesar, Gurugram and Thane.
Kotak Mahindra Capital Company, Axis Capital, IIFL Securities, Jefferies India and JP Morgan India are the book-running lead managers to the issue.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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