Mankind Pharma IPO opens on April 25: Check price band & other key details

The initial public offering (IPO) of Mankind Pharma will kick off for subscription on Tuesday, April 25. India's fourth largest pharma player in terms of domestic sales will be selling its shares in the fixed price band of Rs 1,026-1,080 apiece during the three-day bidding process.

Mankind Pharma's IPO is entirely an offer for sale by the promoters and existing shareholders of the company, who will offload 4,0,058,844 crore equity shares with a face value of Re 1 each. At the upper range of the price band, which is Rs 1,080, the company aims to mop Rs 4,325.35 crore via its primary stake sale.

Among the promoters, Ramesh Juneja will offload up to 37,05,443 equity shares, while Rajeev Juneja and Sheetal Arora will sell up to 35,05,149 equity shares and 28,04,119 equity shares, respectively.

Other shareholders including Cairnhill CIPEF (up to 1,74,05,559 equity shares), Cairnhill CGPE (up to 26,23,863 equity shares), Beige Limited (up to 99,64,711 equity shares) and Link Investment Trust (up to 50,000 equity shares) will also participate in OFS.

The issue can be subscribed till Thursday, April 26. Investors can make a bid of a minimum of 13 equity shares, with each lot costing to Rs 14,040 at the upper end of the price band. A retail investor can bid for a maximum of 13 equity shares. Anchor book will open on Monday, April 24.

Being entirely an offer for sale, the net proceeds from the issue will go to the selling shareholders and the company will not receive any proceeds from the issue.

Incorporated in 1991, Mankind Pharma develops, manufactures, and markets pharmaceutical formulations across various acute and chronic therapeutic areas and several consumer healthcare products. It has over 36 brands across the segments Including anti-infectives, cardiovascular, gastrointestinal, anti-diabetic, well-being and respiratory.

It owns some of the popular brands like 'Manforce' condoms, pregnancy test kit Prega News, emergency contraceptive brand Unwanted-72 and antacid powders (Gas-O-Fast) among others.

Mankind Pharma has reported profit after tax (PAT) at Rs 1,452.96 crore with a revenue at Rs 7,977.58 crore for the fiscal year that ended on March 31, 2022. Its PAT stood at Rs 1,015.98 crore, with a revenue at Rs 6,777.82 crore during the period that ended on December 31, 2022.

Half of the shares, that is 50 per cent, are reserved for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will get 15 per cent of the shares from the offering. The remaining 35 per cent of equity shares will be allocated to retail investors.

Kotak Mahindra Capital Company, Axis Capital, IIFL Securities, Jefferies India and JP Morgan India are the book-running lead managers to the issue, while KFin Technologies has been appointed as the registrar to the issue. Shares of the company will be listed as both BSE and NSE.

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