The IPO will be entirely an offer-for-sale (OFS) of 40,058,844 shares, where promoters and other existing shareholders will offload their stake.
By India Today Business DeskPharmaceutical company Mankind Pharma is all set for its initial public offering (IPO), which will open for public subscription on April 25 and close on April 27. Anchor investors will be able to bid for shares on April 24.
Mankind Pharma, which owns the brands like Manforce Condom brand and pregnancy testing kit Prega News, has set the price band for its IPO at Rs 1,026 to Rs 1,080 per share. It plans to raise Rs 4,326.36 crore through the IPO.
The IPO will be entirely an offer-for-sale (OFS) of 40,058,844 shares, where promoters and other existing shareholders will offload their stake.
As the IPO is completely an OFS, the company will not receive any proceeds from the IPO and the entire amount will go to the selling shareholders.
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The portion reserved for qualified institutional buyers (QIBs) has been set at 50 per cent of the net issue, while HNIs can bid for 15 per cent of the total issue. The rest 35 per cent has been reserved for retail investors.
Retail investors can bid for a minimum of 13 shares (1 lot) and a maximum of 182 shares (14 lots). The company is likely to be listed on the BSE and NSE on May 8 or May 9.
The book-running lead managers to the issue are Kotak Mahindra Capital Company, Axis Capital, IIFL Securities, Jefferies India and JP Morgan.
Mankind Pharma is involved in developing, manufacturing and marketing pharmaceutical formulations across various acute and chronic therapeutic areas, in addition to several consumer healthcare products.
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Kole Prosacco
Irwin Lind
Julian Marks