Mankind Pharma IPO subscribed 32% so far on Day 2. Check GMP and other details.
Mankind Pharma's initial public offering (IPO), which will close on January 19, has been subscribed by 32% on Day 2 with non-institutional investors and qualified institutional buyers subscribing the most. Retail investors' quota had 16% bids. Nin...
By Akash Podishetti, ETMarkets.com | Updated:
iStock
The initial share sale of Mankind Pharma was subscribed 32% on Day 2 with non-institutional investors (NIIs) and qualified institutional buyers (QIB) doing the heavy lifting. The NII part was subscribed 52%, while the QIB category was subscribed 42%.
The response from retail investors, with their quota garnering 16% bids.
The IPO, which is completely an offer for sale (OFS), will close tomorrow. The price band is at Rs 1024-1080 and investors can bid for 13 shares in one lot.
Nine brokerages have given "subscribe" recommendations to the issue, with some of them seeing the potential in the long term. Analysts say the growth opportunities outweigh the concerns around not-so-cheap valuations.
According to market sources, the company's shares are commanding a premium of Rs 65 in the unlisted market, down from Rs 90 the previous day.
Ahead of its IPO, Mankind Pharma has raised around Rs 1,297 crore by allocating 1.2 crore equity shares to 77 anchor investors.
Some of the marquee foreign and domestic institutions including Goldman Sachs, Canada Pension Plan, Government of Singapore, Fidelity Investment Trust among others participated in the anchor round, which was done at a price of Rs 1,080 per share.
Mankind Pharma is the fourth-largest Indian pharmaceutical company in terms of domestic sales and third largest in terms of sales volume for moving annual total as of December 2022.
It has a pan-India marketing presence and operates 25 manufacturing facilities across the country. As of December 2022, the company had a team of over 600 scientists and a dedicated in-house R&D centre with four units located at IMT Manesar, Gurugram and Thane.
At the higher end of the price band, the shares of Mankind Pharma are valued at 30x FY22 EPS. According to Sharekhan, pharma companies on average quote a P/E of 25x/22x FY24e/FY25e.
Kotak Mahindra Capital Company, Axis Capital, IIFL Securities, Jefferies India and JP Morgan India are the book-running lead managers to the issue.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
The response from retail investors, with their quota garnering 16% bids.
The IPO, which is completely an offer for sale (OFS), will close tomorrow. The price band is at Rs 1024-1080 and investors can bid for 13 shares in one lot.
Nine brokerages have given "subscribe" recommendations to the issue, with some of them seeing the potential in the long term. Analysts say the growth opportunities outweigh the concerns around not-so-cheap valuations.
According to market sources, the company's shares are commanding a premium of Rs 65 in the unlisted market, down from Rs 90 the previous day.
Ahead of its IPO, Mankind Pharma has raised around Rs 1,297 crore by allocating 1.2 crore equity shares to 77 anchor investors.
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Some of the marquee foreign and domestic institutions including Goldman Sachs, Canada Pension Plan, Government of Singapore, Fidelity Investment Trust among others participated in the anchor round, which was done at a price of Rs 1,080 per share.
Mankind Pharma is the fourth-largest Indian pharmaceutical company in terms of domestic sales and third largest in terms of sales volume for moving annual total as of December 2022.
It has a pan-India marketing presence and operates 25 manufacturing facilities across the country. As of December 2022, the company had a team of over 600 scientists and a dedicated in-house R&D centre with four units located at IMT Manesar, Gurugram and Thane.
At the higher end of the price band, the shares of Mankind Pharma are valued at 30x FY22 EPS. According to Sharekhan, pharma companies on average quote a P/E of 25x/22x FY24e/FY25e.
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Kotak Mahindra Capital Company, Axis Capital, IIFL Securities, Jefferies India and JP Morgan India are the book-running lead managers to the issue.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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