Mankind Pharma IPO Subscribed 15.32 Times On Final Day
The company raised Rs 1,297.90 crore from anchor investors by allotting 1,20,17,652 equity shares at a price of Rs 1,080 per share
Mankind Pharma Ltd.'s initial public offering was subscribed 15.32 times on the final day.
The bidding was led by qualified institutional buyers, who subscribed 49.16 times. Non institutional investors subscribed 3.80 times and retail individual investors subscribed 92%. The IPO was subscribed 14% on the first day and 87% on the second day.
The pharma company raised Rs 1,297.90 crore from anchor investors by allotting 1,20,17,652 equity shares at a price of Rs 1,080 per share (upper end of price band) to 77 anchor investors (including 16 domestic mutual funds through a total of 41 schemes), according to a BSE circular.
The IPO of the Delhi-based pharmaceutical and healthcare products maker includes an offer for the sale of around four crore shares, according to its red herring prospectus filed with the Securities and Exchange Board of India.
Mankind Pharma operates at the intersection of the Indian pharmaceutical formulation and consumer healthcare sectors.
The company has one of the largest distribution networks of medical representatives — a field force of 11,691 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.
