Mankind Pharma will launch its maiden public offering on Tuesday. The price band of the offer has been fixed from ₹ 1,026 per Equity Share to ₹ 1,080 per Equity Share. During a press conference in New Delhi on Monday, the company announced that it has proposed to open its initial public offering of 40,058,844 Equity Shares on Tuesday, April 25, 2023.
Meanwhile, Bid/ Offer Closing Date will be Thursday, April 27, 2023.
Mankind Pharma’s key goals
During the press conference today, Rajeev Juneja, Managing Director of Mankind Pharma, informed that in the past four years, they have launched 18 more new divisions that majorly focus on the chronic disease segment.
In their first M&A, Mankind Pharma bought Panacea Biotech’s Domestic Formulations Brands which helped them in enhancing their transplant drug portfolio.
During the presser, Juneja also informed that chronic and consumer segment will be their priority.
‘Focus on long-term plan’
On Mankind Pharma’s plans of exploring off-patent drugs, Juneja told Financial Express.com that they will definitely keep an eye on the drug that will lose patent this year, especially in the chronic disease segment.
“Absolutely. Why not? Whenever we will see a product fitting into our portfolio, especially in the chronic segment we will definitely explore it. We are following a proactive approach. We cannot make generics for all the drugs, we will pick and choose, on the basis of our business model and existing product portfolio,” he told Financial Express.com.
Juneja also informed that in their Consumer Business segment, they are planning to analyse if products that are doing good in the prescription-only segment can be switched to the OTC segment.
“Two years back, we shifted our Health Ok to the consumer side. We are working on brand extensions,” he added.
Here are some key elements of the first biggest IPO in terms of issue size:
- The Anchor Investor Bidding Date is one Working Day prior to Bid/Offer Opening Date, that is, April 24, 2023.
- The Offer of 40,058,844 Equity Shares comprises an offer for sale of 3,705,443 Equity Shares by Ramesh Juneja; 3,505,149 Equity Shares by Rajeev Juneja; 2,804,119 Equity Shares by Sheetal Arora; 17,405,559 Equity Shares by Cairnhill CIPEF Limited; 2,623,863 Equity Shares by Cairnhill CGPE Limited; 9,964,711 Equity Shares by Beige Limited; and 50,000 Equity Shares by Link Investment Trust.
- Price Band fixed at ₹ 1,026 per equity share to ₹ 1,080 per equity share of face value of ₹ 1 each of Mankind Pharma Limited
- Bids can be made for a minimum of 13 Equity Shares and in multiples of 13 Equity Shares thereafter
- The Equity Shares offered through Red Herring Prospectus are proposed to be listed on both BSE and NSE.
- The main goal of the offer would be to carry out the offer for sale by the selling shareholders and achieve the benefits of listing the equity shares on the stock exchanges.
- The money raised through public issues will go to selling shareholders, and the company will not receive funds from the offer
- Mankind Pharma has reserved 50 percent of the offer size for qualified institutional buyers, 15 percent for high net worth individuals, and the remaining 35 percent for retail investors.
- Kotak Mahindra Capital Company Limited, Axis Capital Limited, IIFL Securities Limited, Jefferies India Private Limited, and J.P. Morgan India Private Limited are the Book Running Lead Managers to the Offer
