Private equity firm ChrysCapital-backed Mankind Pharma, the manufacturer of chart-topping condom brand Manforce Condoms, had decided the price band for its latest initial public offering (IPO) at Rs 1,026-1,080 apiece, valuing the company at Rs 43,264 crore at the top end.
Earlier, the firm stated that the IPO would open for subscription on April 25 and close on April 27, whereas the anchor bidding will begin on April 24. On May 8, equity shares will be credited, and the stock will list on exchanges on May 9. The company decides to raise as much as Rs 4,326.36 crore at the upper band.
The IPO entails an offer for sale (OFS) of up to 40.06 million shares by its current shareholders and promoters. The OFS includes about 3.71 million shares by Ramesh Juneja, 2.80 million shares by Sheetal Arora, 3.51 million shares by Rajeev Juneja, 17.41 million by Cairnhill CIPEF Ltd, 9.96 million shares by Beige Ltd, 2.62 million shares by Cairnhill CGPE Ltd, and 50,000 shares by Link Investment Trust.
Mankind Pharma created the famous condom brand Manforce Condoms, the pregnancy test kit Prega News, and the emergency contraceptive brand Unwanted-72, reinforced by Chrys Capital and Capital International.
Mankind Pharma strongly focuses on the domestic market, with Indian revenue accounting for 97.60% of its total in FY22. The company developed 36 brands in the pharmaceutical business and acquired the largest networks of medical senates in the Indian pharmaceutical market.
Apart from its products, Mankind Pharma established a collection of consumer healthcare brands in categories like antacid powders (Gas-O-Fast), vitamin and mineral supplements (Health OK brand), and anti-acne preparations (AcneStar brands).
Kotak Mahindra Capital, IIFL Capital, Jefferies, Axis Capital, and JP Morgan are the lead managers to the IPO. Meanwhile, Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas, AZB & Partners, and Sidley Austin are the law firms involved in the deal.