Mankind Pharma IPO: Manforce Condoms Maker Company To Launch IPO

Manforce Condoms maker company Mankind Pharma is going to launch its ₹4,326-crore IPO next week. The IPO has a price band of nearly ₹1,050 per share.

Mankind Pharma, the maker of Manforce Condoms, is set to launch its ₹4,326-crore ($579m) initial public offering (IPO) between 25 and 27 April. The subscription for anchor investors will open on 24th April. 

The IPO is entirely an offer for sale of 40.06 million equity shares by existing shareholders, including promoters Rajeev Juneja, Ramesh Juneja, and Sheetal Arora, as well as Cairnhill CGPE, Cairnhill CIPEF, Beige Limited, and Link Investment Trust. 

The Mankind Pharma IPO has a price band of ₹1,026 – ₹1,080 per share, valuing the company at ₹43,264 crore based on the upper band price.

The allotment of shares will take place on 3rd May, with shares listed on both the NSE and the BSE. The reservation for retail investors will be 35%, while qualified institutional buyers (QIBs) can participate in 50% of the total issue size, and non-institutional investors (NIIs) can participate in the remaining 15%.

The Mankind Pharma company develops, manufactures, and markets a diverse range of pharmaceutical formulations, as well as consumer healthcare products. 

The company has established brands in condoms, pregnancy detection, emergency contraceptives, antacid powders, vitamin and mineral supplements, and anti-acne preparations. 

Mankind Pharma operates 25 manufacturing facilities across India and has a pan-India marketing presence. 

As of December 2022, the company had a team of over 600 scientists and a dedicated in-house R&D center with four units located at IMT Manesar, Gurugram (Haryana) and Thane (Maharashtra).

Kotak Mahindra Capital Company, Axis Capital, IIFL Securities, Jefferies India, and JP Morgan India are the book-running lead managers to the issue. 

Since the IPO is entirely an OFS, the company will not receive any net proceeds from the issue, and the entire net proceeds will go to the selling shareholders. 

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The gray market premium (GMP) of Mankind Pharma’s IPO was at ₹80 on Wednesday, indicating a decent listing for the IPO next week.