Mankind Pharma will launch its first IPO on Tuesday. The price range of the offer has been set from ₹1,026 per common share to ₹1,080 per common share. During a press conference on Monday in New Delhi, the company announced that it intends to open its initial public offering of 40,058,844 shares on Tuesday April 25, 2023.
In the meantime, the offer closing date is Thursday April 27th, 2023.
Here are some key elements of the first largest IPO in terms of issue size:
- The anchor investor’s bid date is one business day prior to the offer/offer opening date, i.e. April 24, 2023.
- The offering of 40,058,844 shares includes an offer to sell 3,705,443 shares by Ramesh Juneja; 3,505,149 shares held by Rajeev Juneja; 2,804,119 shares of Sheetal Arora; 17,405,559 shares of Cairnhill CIPEF Limited; 2,623,863 shares of Cairnhill CGPE Limited; 9,964,711 shares of Beige Limited; and 50,000 shares of Link Investment Trust.
- Price range set at ₹1,026 per share to ₹1,080 per share of ₹1 par value each of Mankind Pharma Limited
- Bids may be made for a minimum of 13 shares and thereafter in multiples of 13 shares
- The shares offered via the Red Herring prospectus are to be listed on both the BSE and the NSE.
- The primary objective of the offering would be for the selling shareholders to complete the offering and obtain the benefits of a public listing of the shares.
- The money raised through public offerings will go to the selling shareholders and the company will not receive any funds from the offering
- Mankind Pharma has reserved 50 percent of the offering volume for qualified institutional buyers, 15 percent for high net worth individuals and the remaining 35 percent for individual investors.
- Kotak Mahindra Capital Company Limited, Axis Capital Limited, IIFL Securities Limited, Jefferies India Private Limited and JP Morgan India Private Limited are the Book Running Lead Managers of the Offering
Mankind Pharma’s main goals
During today’s press conference, Rajeev Juneja, Managing Director of Mankind Pharma, announced that they have established 18 other new businesses over the past four years, mainly focusing on the chronic disease segment.
In its first M&A, Mankind Pharma acquired Panacea Biotech’s Domestic Formulations Brands, which helped them improve their transplant drug portfolio.
During press, Juneja also shared that the chronic and consumer segments will be her priority.
‘Focus on long-term planning’
On Mankind Pharma’s plans to explore off-patent drugs, Juneja told Financial Express.com that they will definitely keep an eye on the drug, which will go off-patent this year, especially in the chronic disease segment.
“Absolutely. Why not? Whenever we see a product that fits into our portfolio, especially in the chronic segment, we will definitely look into it. We take a proactive approach. We cannot make generics for all medicines, we will pick and choose based on our business model and our existing product portfolio,” he told Financial Express.com.
Juneja also shared that in their consumer business segment, they plan to analyze whether products that are doing well in the prescription segment can be switched to the OTC segment.
“Two years ago we shifted our Health Ok to the consumer side. We’re working on brand extensions,” he added.
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