Mankind Pharma Has Set An IPO Price Band Of Rs 1026-1080 Per Share

Mankind Pharma, the creator of top-selling condom brand Manforce Condoms and funded by private equity firm ChrysCapital, has set the share price band for its initial public offering at Rs 1,026-1,080 per share, valuing the company at Rs 43,264 crore at the high end of the band. The Delhi-based company has stated that its initial public offering (IPO) will open for subscription on April 25 and end on April 27. The anchor bidding process will begin on April 24. On May 8, equity shares will be credited, and the stock will be launched on exchanges on May 9. The company intends to raise up to Rs 4,326.36 crore at the upper end of the price range.

The IPO is a straightforward offer to sell up to 40.06 million shares by the company's current shareholders and promoters. Ramesh Juneja owns 3.71 million shares, Rajeev Juneja owns 3.51 million shares, Sheetal Arora owns 2.80 million shares, Cairnhill CIPEF Ltd owns 17.41 million shares, Cairnhill CGPE Ltd owns 2.62 million shares, Beige Ltd owns 9.96 million shares, and Link Investment Trust owns 50,000 shares. Mankind Pharma, which makes the popular condom brand Manforce Condoms, the pregnancy test kit Prega News, and the emergency contraceptive brand Unwanted-72, is backed by Chrys Capital and Capital International. Ramesh Juneja created the company, which in 1995 evolved into a fully integrated pharmaceutical corporation. It creates, manufactures, and sells a wide range of pharmaceutical formulations for acute and chronic therapeutic areas, as well as consumer healthcare goods. Mankind Pharma has a significant domestic focus, with revenue from activities in India accounting for 97.60 percent of total sales in fiscal year 2022.

The company includes 36 pharmaceutical brands and one of the largest networks of medical representatives in the Indian pharmaceutical market. Mankind Pharma has established a range of consumer healthcare brands in categories such as antacid powders (Gas-O-Fast), vitamin and mineral supplements (Health OK brand), and anti-acne preparations (AcneStar brand), among others, in addition to its popular Manforce Condoms, Prega News, and Unwanted-72 brands. The IPO's lead managers are Kotak Mahindra Capital, Jefferies, IIFL Capital, Axis Capital, and JP Morgan. Meanwhile, the law firms participating in the transaction are Shardul Amarchand Mangaldas, Cyril Amarchand Mangaldas, AZB & Partners, and Sidley Austin.