The Initial Public Offering (IPO) of Mankind Pharma, the company behind popular pharmaceutical brands like Prega News, Manforce Condoms, and Unwanted-72, will open for subscription from April 25 to April 27.
What is the price band?
The company on Wednesday (April 19) announced that it has set the IPO’s price band at ₹ 1,026-1,080 per share.
The company is valued at ₹43,264 at the top end of the band and is expected to raise as much as ₹4,326.36 crore.
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Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
The bidding for anchor investors is slated for April 24 while equity shares will be credited on May 8.
The equity shares of the company will be listed on the BSE and NSE on May 9.
Complete offer for sale
The company has said that the IPO is a complete offer for sale (OFS) of 40,058,844 equity shares by promoters and other existing shareholders.
Those selling shares in the OFS are promoters Ramesh Juneja (3.71 million shares), Rajeev Juneja (3.51 million shares) and Sheetal Arora (2.80 million shares). Besides them, Cairnhill CIPEF Ltd (17.41 million shares), Cairnhill CGPE (2.62 million shares), Beige Limited (9.96 million shares), and Link Investment Trust (50,000 shares) are also on board.
The entire net proceeds will go to the selling shareholders and the company will not receive any of it.
Kotak Mahindra Capital Company, Axis Capital, IIFL Securities, Jefferies India and JP Morgan India are the book-running lead managers to the issue. Law firms involved in the deal are Shardul Amarchand Mangaldas, Cyril Amarchand Mangaldas, AZB & Partners, and Sidley Austin.
Mankind Pharma is supported by private equity firms Chrys Capital and Capital International.
About Mankind Pharma
Founded by Ramesh Juneja in 1991, the firm actively started its operations in 1995.
Ever since it has been 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.
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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).
The company which has developed 36 brands in the pharmaceutical business, has a strong focus on the domestic market with 97.60 per cent of its revenue being generated in India.
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It also manufactures a line of consumer healthcare brands with Gas-O-Fast, Health OK (vitamin and mineral supplements), and AcneStar (anti-acne range) being a few names.
(With inputs from agencies)