Mankind Pharma, a leading manufacturer of condoms, pregnancy kits, and healthcare products, has made a strong debut on the domestic market.
The company’s IPO was issued at a price of Rs 1080 per share, and its shares are now listed on the NSE-BSE at Rs 1300, resulting in more than 20% listing gain for investors.
Market sentiment for Mankind Pharma remained strong as its shares continued to rise to Rs 1325 on BSE.
Although the shares have come down slightly due to profit booking, IPO investors are still more than 21% profitable with its current share price at Rs 1314.80.
The response to Mankind Pharma’s Rs 4326 crore IPO was positive as the issue was oversubscribed on the last day itself, with 15.32 times overall subscription.
However, the issue of retail investors could not be fully filled, with the reserved portion for retail investors subscribed just 0.92 times and for non-institutional investors 3.80 times.
Mankind Pharma was founded by Ramesh Juneja and has received investments from private equity firms such as Chris Capital and Capital International.
The company’s focus is mainly on the domestic market, with 97.60% of its revenue coming from India in FY2022.
It sells a range of healthcare products under 36 different brands, including Manforce condoms, pregnancy test kit Prega News, and emergency contraceptive brand Unwanted-72.
Despite the oversubscription of the IPO, the reserved portion for retail investors could not be fully filled, indicating strong demand for the company’s shares.
Investors are optimistic about the future growth prospects of Mankind Pharma in the domestic market.
