Mankind Pharma IPO opened for subscription on 25 April and the issue has been booked 0.14 times on day 1, with total bids of 40,57,417 shares. Qualified institutional buyers (QIBs) subscribed for 8% of their reserved portion. Retail investors bid 0.1 times for the shares reserved for RIIs. The NII portion garnered 33% bids so far as non-institutional investors have not demonstrated much interest in the issue so far. The IPO closes for subscription on Thursday, 27 April.
Mankind Pharma shares’ GMP rose to Rs 92 per equity share, 8.5% over the upper end of the share price on offer. The price band for its public issue at Rs 1,026-1,080 per equity share of face value Re 1 each. At the upper end of the price band, the company’s promoters and shareholders seek to raise Rs 4,326.35 crore from the IPO.
“Mankind has consistently outperformed the IPM and has seen regular, steady growth. Its brands have enabled them to consistently generate the highest share of drug prescriptions in the IPM over FY18 to FY22. Additionally, they were placed second by market share for MAT December 2022 in its covered markets. Since it is highly focused on India as a geography, it is less likely to witness medium term headwinds such as excessive competition in regulated markets such as US & Europe, currency risks, economic slowdown/ recession that are being faced by the players doing business globally,” said ICICI Securities, recommending investors subscribe to the issue.