Winning Bizness Desk
Mumbai. The IPO of Mankind Pharma, the parent company of Manforce, one of the condom brands, has entered the capital market and the price band has also been fixed for this. The company expects an investment of 4 thousand 326 crores from the stock market with the price band of Rs 1026-1080 for the IPO. ManKind's IPO will open next week on April 25 and for the anchor investors on April 24. It will then open for public subscription on April 25 for general investors and close on April 27 and 4 crore equity shares will be sold for this purpose.
Available at a premium in the gray market
Shares of Mankind Pharma are available at a premium (GMP) of Rs 80 in the gray market on Wednesday. The market watchers have noted that the company's shares are expected to be listed on the stock exchanges BSE and NSE on May 9, 2023. According to the Red Herring Prospectus (RHP), the company's IPO is an outright offer for sale (OFS) of 40,058,844 equity shares by the promoters and other existing shareholders. Promoters selling shares in OFS are Ramesh Juneja, Rajeev Juneja and Sheetal Arora. In addition, Cairnhill CIPEF, Cairnhill CGPE, Beige Limited and Link Investment Trust will participate in the OFS. As this IPO is purely an offer for sale, 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.
Engaged in diversified business
Mankind Pharma is engaged in developing, manufacturing and marketing a wide range of pharmaceutical formulations. Many different brands have been established in the condoms, pregnancy detection kits, emergency contraceptives, antacid powders, vitamin and mineral supplements and acne prevention categories. It has a pan India marketing presence and the company operates 25 manufacturing facilities across the country. As of December last year, the firm has a team of over 600 scientists and a dedicated in-house R&D center with four units at IMT Manesar, Gurugram (Haryana) and Thane (Maharashtra).
