Mankind Pharma IPO is opening for a subscription on 25 April

By siliconindia  |  Wednesday, 19 April 2023, 10:31:07 AM IST

Mankind Pharma IPO is opening for a subscription on 25 April
The three-day initial public offering (IPO) of Delhi-based drug producer Mankind Pharma will be opened for public subscription on 25 April and close on 27 April, according to the red herring prospectus (RHP). The bidding for anchor traders begins on 24 April. Equity shares will be allocated on May 8 and the stock is anticipated to list on both the NSE and BSE on May 9.
The price band for the IPO is yet to be announced. The company's IPO is entirely an offer for sale (OFS) of 40,058,844 equity shares by promoters and other existing shareholders. Those selling shares in the OFS are promoters Ramesh Juneja, Rajeev Juneja and Sheetal Arora. Besides, Cairnhill CIPEF, Cairnhill CGPE, Beige Limited, and Link Investment Trust will participate in the OFS.
Since the IPO is completely an OFS, the company will not receive any net proceeds from the issue and the entire net proceeds will go to the selling shareholders. Kotak Mahindra Capital Company, Axis Capital, IIFL Securities, Jefferies India and JP Morgan India are the book-running lead managers to the issue.
Mankind Pharma is engaged in developing, manufacturing, and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products. It has established several differentiated brands in condoms, pregnancy detection, emergency contraceptives, antacid powders, vitamin and mineral supplements, and anti-acne preparation categories.
It has a pan-India marketing presence and operates 25 manufacturing facilities across the country. As of December last year, the firm had a team of more than 600 scientists and a dedicated in-house R&D centre with four units located at IMT Manesar, Gurugram (Haryana) and Thane (Maharashtra).
Source: IANS

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