Mankind Pharma, the manufacturer of the top-selling condom brand Manforce Condoms, is going to open its Rs 4,326-crore initial public offering (IPO) next week, between April 25 and April 27. The subscription window for anchor investors will open on April 24. The Mankind Pharma IPO price band has been fixed at Rs 1,026-1,080 per share, valuing the company at Rs 43,264 crore based on the upper band price. Here’s all you need to know:
Mankind Pharma IPO GMP Today
The grey market premium (GMP) of Mankind Pharma IPO on Wednesday stood at Rs 80. It means shares of Mankind Pharma were trading at Rs 1,160, or 7.41 per cent up over the upper price of the IPO price band, at the grey market (Rs 1,080 + Rs 80). This indicates a decent listing for the Mankind Pharma IPO next week.
Mankind Pharma IPO: Key Dates
The IPO of private equity firm ChrysCapital-backed Mankind Pharma will be available for public subscription between April 25 and 27. Anchor investors will be allowed to participate a day before — April 24. The share allotment will take place May 3. However, the shares will be listed at both the NSE and the BSE.
Mankind Pharma IPO: Price Band, Lot Size
The IPO, which is entirely an offer for sale (OFS) of 40.06 million equity shares by promoters and other existing shareholders, has seen its price band fixed at Rs 1,026-1,080 per share. In the Rs 4,326-crore IPO, a bidder could bid for a minimum of one lot and maximum 13 lots. A lot will have Mankind Pharma’s 13 shares.
Mankind Pharma IPO: Quotas
The initial public offering will have a reservation of 35 per cent for retail investors, while qualified institutional buyers (QIBs) will be able to participate in 50 per cent of the total issue size. Non-institutional investors (NIIs) will be able to participate in the remaining 15 per cent of the IPO size.
Mankind Pharma IPO: Who Are Selling Shares In The OFS?
Promoters Rajeev Juneja, Ramesh Juneja and Sheetal Arora are selling shares in the OFS, apart from Cairnhill CGPE, Cairnhill CIPEF, Beige Limited, and Link Investment Trust. Since the IPO is completely an OFS, the company will not receive any net proceeds from the issue and the entire net proceeds will go to the selling shareholders.
Kotak Mahindra Capital Company, Axis Capital, IIFL Securities, Jefferies India and JP Morgan India are the book-running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.
About Mankind Pharma
Mankind Pharma is engaged in developing, manufacturing, and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
It has established several differentiated brands in condoms, pregnancy detection, emergency contraceptives, antacid powders, vitamin and mineral supplements, and anti-acne preparation categories.
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 (Haryana) and Thane (Maharashtra).
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