Mankind Pharma IPO set to open on April 25; details here

The initial public offering of Mankind Pharma is likely to open for subscription next week on April 25. The issue can be subscribed till April 27. The company is reported to make its debut at the bourses on May 9, while the anchor books are reported to open on Monday, April 24.

Mankind Pharma is India’s fourth-largest pharmaceutical company in terms of domestic sales and second-largest in terms of sales volume for the financial year 2022.

According to the red herring prospectus (RHP) of the company, Mankind Pharma's initial stake is entirely an offer-for-sale of up to 4,00,58,844 equity shares with a face value of Re 1 each by its promoters and existing shareholders.

Mankind Pharma is reported to cut its issue size as the company is now looking to raise about Rs 4,300-4,350 crore from its primary offering, said some sources. The company was earlier reported to raise about Rs 5,500 crore via primary route

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.

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.

Not more than 15 per cent of shares will be allocated to qualified institutional bidders (QIBs), while 15 per cent of shares will be reserved for non-institutional bidders (NIIs). Retail investors will own the remaining 35 per cent of the shares.

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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