Mankind IPO was completely a suggestion on the market of 40.06 million fairness shares by promoters and different current shareholders.
Mankind Pharma’s shares are presently buying and selling at a premium of a whopping Rs 108 or 10 per cent up within the gray market, over the higher band of Rs 1,080 a share
Mankind IPO GMP: Mankind Pharma’s preliminary public providing (IPO) was up for public subscription throughout April 25-27 and bought a superb response with total subscription at 15.32 instances. The firm’s shares are going to checklist on the BSE and the NSE on Monday, May 8.
Mankind IPO GMP Today
Mankind Pharma’s shares are presently buying and selling at a premium of a whopping Rs 108 or 10 per cent up within the gray market, over the higher band of Rs 1,080 a share. So, the shares within the gray market are presently buying and selling at Rs 1,188 apiece, on May 8. It signifies that the corporate’s shares are anticipated to be listed at a superb premium over its concern value on May 8, 2023. The premium will get fluctuated primarily based on the feelings within the markets.
On the corporate’s IPO value, analysts at brokerage agency Anand Rathi have mentioned, “At the excessive (Rs 1,080) of the difficulty value band, the inventory is valued at about 30x FY22 EPS of Rs 36. Pharma firms quote at a mean P/E of 25x/22x FY24e/FY25e. We anticipate the corporate’s robust set of manufacturers, centered method to its persistent portfolio by way of latest acquisitions, launches and differentiated pipeline merchandise to be key positives. However, dangers are addition of NLEM lists, rise in uncooked materials costs.”
Mankind Pharma IPO: Basic Details
Mankind Pharma is engaged in developing, manufacturing, and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
It has established several differentiated brands in condoms, pregnancy detection, emergency contraceptives, antacid powders, vitamin and mineral supplements, and anti-acne preparation categories.
It has a pan-India marketing presence and operates 25 manufacturing facilities across the country. As of December 2022, the company had a team of over 600 scientists and a dedicated in-house R&D centre with four units at IMT Manesar, Gurugram (Haryana) and Thane (Maharashtra).
The IPO was entirely an offer for sale (OFS) of 40.06 million equity shares by promoters and other existing shareholders. Its price band was fixed at Rs 1,026-1,080 per share. In the Rs 4,326-crore IPO, a bidder bid for a minimum of one lot and maximum of 13 lots. A lot had Mankind Pharma’s 13 shares.
Mankind’s FY22 revenue grew 25 per cent, volume-driven (17ppts), price hikes (4 per cent ppts) and launches (4ppts), while 9M FY23 growth was 9 per cent. Lower GMs and high costs led to a 23 per cent EBITDA margin in 9M FY23 (FY22: 25.6 per cent). The 9M FY23 EPS slid 20 per cent y/y to Rs 25 (FY22: Rs 36). FCF was Rs 6.3 billion in 9M FY23 (vs a negative Rs 14.2 billion in FY22 due to acquisitions).
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