Mankind Pharma’s share price experienced a decline of over 2% on Monday as the lock-in period for shareholders came to an end.
As the one-year shareholder lock-in period for Mankind Pharma concluded on November 6, approximately 70% of the outstanding equity of the company or over 28 crore shares became eligible for trading.
It’s important to note that the end of a lock-in period does not mean that all shares will be sold in the open market; they simply become eligible for trading.
News agencies previously reported that over 180 crore shares of 15 companies would become eligible for trading in the month of November, with 85% of them belonging to LIC and Mankind Pharma.
Mankind Pharma had a successful stock market debut on May 9, 2023, following a Rs 4,326.36 crore initial public offering (IPO). The stock was listed at a 20% premium at Rs 1,300 per share on the BSE against the IPO price of Rs 1,026 to Rs 1,080 per share.
Since going public, Mankind Pharma’s shares have witnessed a more than 26% increase from their listing price. On November 6, Mankind Pharma shares closed at Rs 1,760.50, down 0.82% from the last closing price on the National Stock Exchange (NSE).