Through products such as antacid Gas-o-Fast, Preganews and birth control pills, Mankind Pharma has maintained visibility in neighbourghood drugstores. But more than 30 years after its inception, the firm behind Manforce condoms has finally made an appearance on stock markets with its initial public offering.
The firm closed its debut share sale strongly, with the issue getting subscribed 15 times, and the allotment of shares will be announced on May 3.
Proceeds won't go to the firm
Although qualified institutional investors subscribed 49.16 times the quota set aside for them and high net-worth investors bid 3.8 times, retail investors only picked up 92 per cent of their quota.
Investors have collectively bid for almost 43 crore shares as part of the IPO worth more than Rs 4,000 crore.
Since this was an offer for sale from promoters and investors, all the proceeds will go to shareholders, and the firm won't receive anything.
What's next for Mankind?
Now Mankind Pharma is all set to debut on BSE and NSE on May 8, 2023 and is already trading at a 4 per cent premium above its issue price on the unofficial platform for IPO shares.
Mankind has investor confidence thanks to a strong market presence, distribution networks and production powered by 25 manufacturing facilities across India.
Buyers who successfully purchased shares will receive them in demat accounts by May 5, while those with failed bids will get refunds by May 4.
