Mankind Pharma IPO opens for subscription on April 25; listing scheduled for May 9

Mankind Pharma India's second largest in terms of sales volume for the financial year 2022 will open for subscription on April 25, with the anchor bidding starting on April 24. The subscription is expected to be closed on April 27 with the stocks to be listed on the exchange on May 9.

The credit of equity shares will be on May 8, 2023.

The initial public offering consists of a pure offer for sale of close to 40.06 million shares by its existing shareholders and promoters. The sales comprises up to 3.71 million shares by Ramesh Juneja, nearly 3.51 million shares by Rajeev Juneja, close to 2.80 million shares by Sheetal Arora, 17.41 million by Cairnhill CIPEF limited, up to 9.96 million shares by Beiger Limited and 50,000 shares by Link Investment Trust.

The company is a manufacturer of pregnancy test Prega News, emergency contraceptive brand Unwanted-72 and its popular condom brand Manforce are supported by private equity firm Chrya Capital and Capital International.

Mankind Pharma

The company was founded by Ramesh Juneja and later became a fully integrated pharmaceutical company in 1995. Mankind Pharma manufactures, develops and markets a wide range of pharmaceutical formulations for different acute and chronic therapeutic areas and a range of consumer healthcare products.

The company has a strong focus on the domestic market and has developed 36 brands with one of the largest networks of medical representatives in the domestic market. The company's revenue for operations in the domestic market was at 97.60 per cent of its total revenue in the FY2022.

Mankind Pharma has established consumer healthcare brands like antacid powers called Gas-O-Fast, actin-acne preparations named AcneStar brand and vitamin and mineral supplements called 'Health OK brand. This is in addition to its Manforce Condoms, Prega News and Unwanted-72 brands.

The lead managers to the IPO are Kotak Mahindra Capital, IIFL Capital, JP Morgan, Jefferies and Axis Capital. The law firms involved include Mangaldas, AZB & Partners, Cyril Amarchand Mangaldas and Sideley Austin.