Mankind Pharma IPO Day 2: Mankind Pharma will launch its maiden public offering on Tuesday. Meanwhile, Bid/ Offer Closing Date will be Thursday, April 27, 2023.
Mankind Pharma develops and manufactures a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
Mankind Pharma IPO Subscription Data (as of 5:00 PM Apr 25, 2023)
QIB – 0.08x,
NII – 0.33x – {(NII 10L+) – 0.37x, (NII 2L-10L) – 0.25x},
Retail – 0.10x
Total – 0.14x
Mankind Pharma IPO Dates
The offer opened for the public on April 25, while the closing date would be April 27, 2023. The company will open its anchor book, a part of QIB portion, on April 24, a day before opening IPO.
Mankind Pharma IPO Price
The company has fixed Mankind Pharma IPO price band at Rs 1026 to Rs 1080 per equity share.
Mankind Pharma IPO Offer Size
The maiden public comprises only an offer for the sale of over 4 crore equity shares by promoters and investors, while there is no fresh issue portion.
The total fundraising by the company would be Rs 4,110.03 at the lower price band, and Rs 4,326.35 crore at the higher band.
Promoters Ramesh Juneja, Rajeev Juneja, and Sheetal Arora will be offloading over 1 crore shares via offer for sale, and the rest of the shares in the OFS will be sold by investors Cairnhill CIPEF, Cairnhill CGPE, Beige, and Link Investment Trust.
Mankind Pharma IPO Objectives of Issue
The main objectives of the offer would be to carry out the offer for sale by the selling shareholders and achieve the benefits of listing the equity shares on the stock exchanges.
All the money raised via public issues will go to selling shareholders, and the company will not receive funds from the offer.
Mankind Pharma IPO Financial
The pharmaceutical company, which comes with a market capitalisation of Rs 43,264 crore, has reported a consolidated profit of Rs 996.4 crore for the nine-month period ended December FY23, falling 20 percent compared to year-ago period impacted by lower other income, higher employee cost and weak operating performance.
Consolidated revenue for 9MFY23 grew by 10.6 percent year-on-year to Rs 6,697 crore, while on the operating front, it has recorded nearly 13 percent YoY drop in EBITDA (earnings before interest, tax, depreciation and amortisation) at Rs 1,484 crore with margin falling 598 basis points compared to corresponding period last fiscal.
Mankind Pharma IPO GMP today
As per reports, Mankind Pharma’s latest GMP suggests a premium of Rs 90, suggesting that the scrip will have a decent debut on its stock market listing.
Should you Subscribe to Mankind Pharma IPO on Day 2?
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 said Makind would benefit from its strong foothold in domestic branded formulations with an emphasis on affordable product offerings.
The subscribe rating is on the back of opportunities from its newer acquired products and its plan to backward integrate its power brands, the brokerage said.
“Post-IPO, the promoter will continue to hold 78% of the company, with 12% held by existing PE investors. This strong promoter holding makes the stock well-positioned from a float perspective. Overall, we believe that the Mankind Pharma IPO presents a compelling investment opportunity with a favourable risk-reward outlook,” said Ashika Research.
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