The anchor allocation was done at Rs 1,080 per share, under which Goldman Sachs, Canada Pension Plan, Government of Singapore, and Fidelity Investment Trust, among others, have participated.
The IPO will open for subscription on April 25 and stay for bidding till April 27. The issue is complete an offer for sale (OFS), under which 40 million shares will be offloaded by promoters and other existing shareholders.
About 50% of the issue size has been reserved for qualified institutional buyers (QIBs), 35% for retail investors and 15% for non-institutional investors.
The company's grey market premium has rapidly moved higher from Rs 65 in the morning to around Rs 85 levels in the evening ahead of the anchor investors' allocation.
Among the 77 anchor investors, 44 domestic mutual fund houses have participated in the anchor round through various schemes. Some domestic fund houses include HDFC Mutual Fund, SBI Mutual Fund, and ICICI Pru MF, among others.
Mankind Pharma is the fourth largest Indian pharmaceutical company in domestic sales and third largest in sales volume for moving annual total as of December 2022.
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 and Thane.
At the higher end of the price band, the shares of Mankind Pharma are valued at 30x FY22 EPS. According to Sharekhan, pharma companies on average quote a P/E of 25x/22x FY24e/FY25e.
Most analysts are positive about the company, given its strong brand reputation and the opportunity areas for growth despite not-so-cheap valuations.
ICICI Direct has a "subscribe" recommendation to the issue as it benefits from its strong foothold in domestic branded formulations with an emphasis on affordable product offerings.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Mankind Pharma raises Rs 1,297 crore from anchor investors ahead of IPO - The Economic Times
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