Mankind Pharma IPO sets price band at Rs 1,026-1,080

Mankind Pharma has fixed the price band for its initial public offer (IPO) at Rs 1,026 - Rs 1,080. The public issue will open for subscription on April 25 and ends on April 27.

The IPO is entirely an offer for sale (OFS) by promoters and existing investors looking to divest their stakes in the Delhi-based pharmaceutical company. 

According to the red herring prospectus (RHP), the Mankind Pharma IPO is solely an offer for sale (OFS) of 40,058,844 equity shares by the promoters and other existing shareholders. Promoters Ramesh Juneja, Rajeev Juneja, and Sheetal Arora are part of OFS. The OFS will also include participation from Cairnhill CIPEF, Cairnhill CGPE, Beige Limited, and Link Investment Trust.

 The face value of equity shares is Re 1 per share.

The anchor investor bidding date is April 24, 2023, and 13 equity shares are the least number for which a bid may be placed, and after that, bids can be made in multiples of 13. 

The company has hired Kotak Investment Banking, Axis Capital, IIFL Securities, Jefferies, and JP Morgan as BRLMs while KFin Technologies is the registrar for this issue.

As per the RHP, the company's total covered market for its consumer healthcare business amounted to Rs 206,82 crore in 2022, the RHP said. The company also claims to be the category leader in the male condom category under the 'Manforce' brand, the domestic sales of which was approximately Rs 461.60 crore (representing a market share of approximately 29.6%). The pregnancy detection kit category under the Prega News brand had domestic sales of approximately Rs 184.40 crore representing a market share of approximately 79.7%.