Mankind Pharma sets price band for IPO at Rs 1026-1080 per share

IPO

Private equity firm ChrysCapital-backed Mankind Pharma, the maker of top-selling condom brand Manforce Condoms, has set the share’s price band for its initial public offering at Rs 1,026-1,080 per share, valuing the company at Rs 43,264 crore at the top end of the band.

The Delhi-based firm earlier said that its IPO will open for subscription on April 25 and close on April 27. The anchor bidding will start on April 24. Equity shares will be credited on May 8 and the stock will be listed on exchanges on May 9.

At the upper band of the price range, the firm plans to raise as much as Rs 4,326.36 crore.

The IPO consists of a pure offer for sale of upto 40.06 million shares by its existing shareholders and promoters. The OFS comprises about 3.71 million shares by Ramesh Juneja, 3.51 million shares by Rajeev Juneja, 2.80 million shares by Sheetal Arora, 17.41 million by Cairnhill CIPEF Ltd, 2.62 million shares by Cairnhill CGPE Ltd, 9.96 million shares by Beige Ltd, and 50,000 shares by Link Investment Trust.

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Mankind Pharma, which manufactures the popular condom brand Manforce Condoms, pregnancy test kit Prega News, and emergency contraceptive brand Unwanted-72, is supported by private equity firm Chrys Capital and Capital International. Ramesh Juneja founded the company, which became a fully integrated pharmaceutical company in 1995. It develops, manufactures, and markets a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as a range of consumer healthcare products.

Mankind Pharma has a strong focus on the domestic market, with revenue from operations in India accounting for 97.60 percent of its total revenue in the financial year 2022. The company has developed 36 brands in the pharmaceutical business and boasts one of the largest networks of medical representatives in the Indian pharmaceutical market.

Apart from its popular Manforce Condoms, Prega News, and Unwanted-72 brands, Mankind Pharma has also established a range of consumer healthcare brands in categories such as antacid powders (Gas-O-Fast), vitamin and mineral supplements (Health OK brand), and anti-acne preparations (AcneStar brand), among others.

Kotak Mahindra Capital, Jefferies, IIFL Capital, Axis Capital, and JP Morgan are the lead managers to the IPO. Meanwhile, Shardul Amarchand Mangaldas, Cyril Amarchand Mangaldas, AZB & Partners, and Sidley Austin are the law firms involved in the deal.