Mankind Pharma is all set to hit the market with a pure offer for sale (OFS) worth Rs 4,000 crore Today, April 25.
The issue is priced between Rs 1,026 to Rs 1,080 per share. The IPO will conclude on April 27, 2023.
Company promoters are selling one crore shares or 2.5% equity. As a result, the promoter holding will fall to 76.5% against the earlier 79%.
Mankind posted a profit of Rs 996 crore for the nine months ended Dec. 31, down from Rs 1,243 crore a year ago. Its revenue from operations rose nearly 11%.
Two PEs are selling three crore shares. Chryscap is selling 2.5% and Cairnhill Ltd which owns 11% equity in the company is selling 5% of the holding.
Mankind, India’s fourth-largest pharma company in terms of domestic sales, is set to start trading on May 9.
It owns popular brands like Manforce, PregaNews, and Unwanted 72. Tier 2-4 cities and rural account for 47% of sales, while 37% for the industry.
13% of the company’s sales come from the National List of Essential Medicines (NLEM), while 75% of the products are manufactured in-house.
The company’s 98% of sales are from India. Pharma accounts for 90% of the total sales, while consumer health accounts for 9-10% of sales.
Kotak Mahindra Capital, Axis Capital, IIFL Securities, Jefferies India, and J.P. Morgan India are lead managers in IPO.