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The ₹4,326-crore initial public offering of Mankind Pharma Ltd opens for subscription today. The issue comes at a price band of ₹1,026-1,080. The issue closes for public subscription on April 27. The marketlot is 13 shares.
The IPO is entirely an offer for sale by promoters and existing shareholders of the company, who will offload about 4 crore shares with a face value of ₹1 each.
Selling shareholders
Promoters, Ramesh Juneja will sell 37.05 lakh shares, Rajeev Juneja will offload 35.05 lakh shares, and Sheetal Arora 28.04 lakh shares. The offer also includes selling by investor shareholders: 1.74 crore shares by Cairnhill CIPEF Limited; 26.23 lakh shares by Cairnhill CGPE Limited; 99.64 lakh shares by Beige Limited; and 50,000 shares by Link Investment Trust.
The offer is being made through the Book Building Process, wherein not more than 50 per cent would be available for allocation on a proportionate basis to qualified institutional bidders.
Also read: IPO activity to be subdued in first half of FY24, says Prime Database
Quota for investors
While not less than 15 per cent of the offer would be available for allocation to NIIs (Non-Institutional Category), 35 per cent would be reserved for retail investors.
Anchor investors
Meanwhile, Mankind Pharma, as part of the IPO exercise, on Monday raised ₹1,297.90 crore from anchor investors by deciding to allot 1.20 crore shares at ₹1,080 a share. Among them included Canada Pension Plan Investment Board (4.82 lakh shares), Government of Singapore (4.09 lakh shares), Goldman Sachs (4.82 lakh shares), ICICI Prudential Pharma Healthcare and Diagnostics (4.82 lakh shares), National Pension Service by Blackrock, Ashoka India Opportunities, Government Pension Fund Global, DSP Healthcare Fund, and Nomura Funds - Ireland Public Ltd (3.89 lakh shares each). Overall 77 anchor investors were allotted among them and 42 for domestic MF schemes.
Also read: Survival Tech gets SEBI nod for ₹1,000-crore IPO
About Mankind Pharma
Mankind Pharma Ltd (MPL) is the fourth largest pharmaceutical company in India by domestic sales and third largest by sales volume. With 97 per cent of its revenue from India, MPL sells pharmaceutical formulations and consumer healthcare goods, and operates 25 manufacturing sites and a specialised R&D centre with four divisions.
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