Mankind Pharma, the creator of the best-selling condom brand Manforce Condoms and funded by private equity firm ChrysCapital, has set the share price range for its initial public offering at Rs 1,026–1,080 per share, valuing the business at Rs 43,264 crore at the high end of the range.
The Delhi-based company has said that its initial public offering (IPO) would open for subscription on April 25 and end on April 27. The anchor-bidding process will begin on April 24. On May 8, equity shares will be credited, and the stock will be launched on the market on May 9.
The company intends to raise up to Rs 4,326.36 crore at the high end of the pricing range.
The IPO is a straightforward offer to sell up to 40.06 million shares by the company’s current owners and promoters. Ramesh Juneja owns 3.71 million shares, Rajeev Juneja owns 3.51 million shares, Sheetal Arora owns 2.80 million shares, Cairnhill CIPEF Ltd owns 17.41 million shares, Cairnhill CGPE Ltd owns 2.62 million shares, Beige Ltd owns 9.96 million shares, and Link Investment Trust owns 50,000 shares.
Chrys Capital and Capital International support Mankind Pharma, which produces the well-known condom brand Manforce Condoms, the pregnancy test kit Prega News, and the emergency contraceptive brand Unwanted-72. Ramesh Juneja created the firm, which, in 1995, evolved into a fully integrated pharmaceutical corporation. It creates, produces, and sells a wide variety of pharmaceutical formulations for acute and chronic therapeutic areas, as well as consumer healthcare goods.
Mankind Pharma has a significant local emphasis, with revenue from activities in India accounting for 97.60 percent of total sales in fiscal year 2022. The firm includes 36 pharmaceutical brands and one of the biggest networks of medical representatives in the Indian pharmaceutical sector.
Mankind Pharma has established a range of consumer healthcare brands in categories such as antacid powders (Gas-O-Fast), vitamin and mineral supplements (Health OK brand), and anti-acne preparations (AcneStar brand), among others, in addition to its popular Manforce Condoms, Prega News, and Unwanted-72 brands.
The IPO’s lead managers are Kotak Mahindra Capital, Jefferies, IIFL Capital, Axis Capital, and JP Morgan. Meanwhile, the legal firms participating in the transaction include Shardul Amarchand Mangaldas, Cyril Amarchand Mangaldas, AZB & Partners, and Sidley Austin.