Mankind Pharma IPO Subscribed 87% On Day 2
The IPO was subscribed 0.87 times, or 87%, as of 5.00 p.m. on April 26.
Mankind Pharma Ltd. launched its initial public offering on April 25.
The IPO was subscribed 14% as of 5:00 p.m. on the first day, with institutional investors subscribing 0.08 times, non-institutional investors subscribing 33%, and retail investors with a 10% subscription.
The IPO of the Delhi-based pharmaceutical and healthcare products maker includes an offer for the sale of around 4 crore shares, according to its red herring prospectus filed with market regulator SEBI.
Mankind Pharma is looking at a market value of Rs 43,264 crore at the upper end of the price band of Rs 1,026–1,080 apiece.
The company has set aside 35% of the net offer for individual investors, 50% for qualified institutional buyers, and 15% for non-institutional buyers.
The issue size is 10%, and ChrysCapital and Capital International are divesting 2.5% of their holdings each. Post-offer, the promoter's shareholding will be 76.5%.
The company will not receive any portion of the proceeds from the offer, it said in its red herring prospectus.
Mankind Pharma operates at the intersection of the Indian pharmaceutical formulation and consumer healthcare sectors. It is India's fourth-largest pharmaceutical company in terms of domestic sales and third-largest in terms of sales volume, according to IQVIA MAT December 2022.
The company houses one of the largest distribution networks of medical representatives—a field force of 11,691 medical representatives and 3,561 field managers, as of December 31, 2022—in the Indian pharmaceutical market, and over 80% of doctors in India prescribed its formulations for MAT December 2022, as per IQVIA.
Subscription Status: Day 2
The IPO was subscribed 0.87 times, or 87%, as of 5.00 p.m. on April 26.
Institutional investors: 1.86 times
Non-institutional investors: 1.02 times
Retail investors: 0.25 times, or 25%.