Mankind Pharma, a pharmaceutical company, announced on Wednesday that it has established a price range of Rs 1,026 to Rs 1,080 per share for its initial public offering (IPO) worth Rs 4,326 crores.
As per the company’s announcement, the initial public offering (IPO) of Mankind Pharma will be open for subscription for three days, from April 25 to April 27.
Additionally, the bidding for anchor investors will commence on April 24.
Mankind Pharma’s IPO consists solely of an offer for sale (OFS) wherein promoters and other existing shareholders will be selling a total of 40,058,844 equity shares.
The offer for sale (OFS) will include shares being sold by promoters Ramesh Juneja, Rajeev Juneja, and Sheetal Arora, as well as participation from Cairnhill CIPEF, Cairnhill CGPE, Beige Limited, and Link Investment Trust.
As the IPO solely comprises an offer for sale (OFS), the company will not receive any net proceeds from the issuance, and instead, the entire net proceeds will be directed to the selling shareholders.
At the upper end of the price band, the estimated size of the IPO is Rs 4,326 crore.
The allocation of the issue size has been divided with 50% reserved for qualified institutional buyers, 35% for retail investors, and the remaining 15% for non-institutional investors.
Mankind Pharma is involved in the development, manufacturing, and marketing of a diverse range of pharmaceutical formulations spanning across acute and chronic therapeutic areas, along with a variety of consumer healthcare products.
The company has successfully established a strong presence in various categories, including condoms, pregnancy detection, emergency contraceptives, antacid powders, vitamin and mineral supplements, and anti-acne preparations, with differentiated brands.
With a widespread marketing presence across India, Mankind Pharma operates 25 manufacturing facilities throughout the country.
As of December 2022, Mankind Pharma boasts a team of more than 600 skilled scientists and a dedicated in-house research and development (R&D) center with four units situated at IMT Manesar, Gurugram (Haryana), and Thane (Maharashtra).
The book-running lead managers for the issue are Kotak Mahindra Capital Company, Axis Capital, IIFL Securities, Jefferies India, and JP Morgan India.
The equity shares of Mankind Pharma are slated to be listed on May 9 on both the BSE and NSE.
