The corporate has mounted a worth band of Rs 1,026-1,080 for its IPO, which is totally a proposal on the market (OFS) of 40 million fairness shares by promoters and different present shareholders.
Beneath the OFS, promoters Ramesh Juneja, Rajeev Juneja and Sheetal Arora will offload shares. For the reason that IPO is totally an OFS, the corporate is not going to obtain any internet proceeds from the problem and the whole quantity will go to the promoting shareholders.
On the higher finish of the value band, the IPO dimension is estimated at Rs 4,326 crore and the corporate is searching for a valuation of Rs 43,264 crore.
In line with market sources, the corporate’s shares are commanding a premium of Rs 68-70 within the unlisted market, whereas buyers await the motion on anchor buyers’ half.
Nevertheless, you will need to be aware that gray market premiums are simply an indicator as to how the corporate’s shares are stacked up within the unlisted market and are topic to alter quickly.
Mankind Pharma is the fourth-largest Indian pharmaceutical firm when it comes to home gross sales and third-largest when it comes to gross sales quantity for shifting annual complete as of December 2022.It has a pan-India advertising and marketing presence and operates 25 manufacturing services throughout the nation. As of December 2022, the corporate had a staff of over 600 scientists and a devoted in-house R&D centre with 4 items positioned at IMT Manesar, Gurugram and Thane.
On the larger finish of the value band, the shares of Mankind Pharma are valued at 30x FY22 EPS. In line with Sharekhan, pharma corporations on a mean quote a P/E of 25x/22x FY24e/FY25e.
The brokerage expects the corporate’s sturdy set of manufacturers, centered method to its persistent portfolio by way of latest acquisitions, launches and differentiated pipeline merchandise to be key positives.
The corporate has posted a internet revenue of Rs 996 crore for the 9 months ended December 2022 interval, which is down from Rs 1,243 crore in the identical interval of previous yr. The corporate’s income from operations for a similar interval rose practically 11% to Rs 6,697 crore.
(Disclaimer: Suggestions, recommendations, views and opinions given by the specialists are their very own. These don’t characterize the views of Financial Instances)
