Mankind Pharma, one of India’s leading pharmaceutical companies, opened its initial public offering (IPO) on 25th April 2023, with the aim of raising Rs 4326.36 crore. This is the largest IPO of the current financial year in terms of issue size. Investors have until today, the 27th of April, to invest in this IPO.
Mankind Pharma’s IPO has received a positive response from institutional investors, with the reserve quota being subscribed 1.86 times, and 1.02 times for non-institutional investors. However, retail investors have not shown as much interest, with the reserved quota being filled only 0.25 times. The company has offered 2,81,41,192 shares, out of which applications have been received for 2,45,19,352 shares.
The price band for Mankind Pharma’s IPO
The price band for Mankind Pharma’s IPO has been fixed between Rs 1026 to Rs 1080 per share. The company manufactures popular products such as pregnancy test kits under the brand names Manforce Condom and Prega News. The IPO has not been fully subscribed yet, but it is expected that most investors will invest on the last day, as the money gets blocked in their accounts.
Through the IPO, the promoters and investors of Mankind Pharma are selling their stake in the offer for sale. After selling the shares under the offer for sale, the promoter’s stake in the company will come down from 79 percent to 76.50 percent. The IPO has been proposed for listing on both BSE and NSE, with the listing expected to take place by 9th May 2023. Half of the IPO is reserved for qualified institutional buyers, 35 percent for retail investors, and 15 percent for non-institutional buyers.
If you’re interested in investing in Mankind Pharma’s IPO, a minimum investment of Rs 14,040 is required for one lot of 13 shares. The allotment of shares is expected to happen by 3rd May 2023.
Overall, Mankind Pharma’s IPO presents an opportunity for investors to invest in one of India’s leading pharmaceutical companies, with a range of popular products and a significant target of raising Rs 4326.36 crore.