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BENGALURU: Indian pharmaceutical company Mankind Pharma Ltd has set a value band of 1,026 rupees to 1,080 rupees per share for its preliminary public providing (IPO), valuing the company at Rs 432.64 billion ($5.27 billion) on the higher finish of the band.
The IPO for the company, which owns the Manforce condom model and at-dwelling pregnancy testing kit Prega News, will encompass almost 40.1 million shares on provide on the market from current shareholders, in keeping with a prospectus.
The provide measurement is Rs 43.26 billion, implying the proceeds would go to the promoting shareholders alone.
Manforce condom, its greatest-promoting product, has a home market share of almost 30%, whereas Prega News has an 80% share, the New Delhi-based company stated in the prospectus.
Mankind Pharma’s IPO comes at a time when unstable markets and world macroeconomic challenges have scuppered or delayed numerous itemizing plans in India.
Earlier this 12 months, private care merchandise startup Mamaearth put its IPO on maintain whereas attire retailer Fabindia and jeweller Joyalukkas withdrew their plans.
Mankind, which additionally makes acute and persistent therapeutics, posted a revenue of Rs 9.96 billion for the 9 months ended December 31, down from Rs 12.43 billion a 12 months in the past, whereas its income from operations for a similar interval rose almost 11%.
The company had filed draft papers for the IPO in September final 12 months, with Kotak Mahindra Capital, Axis Capital and J.P. Morgan India among the many guide working lead managers.
The bidding date for anchor buyers is ready for April 24, whereas retail buyers could make a proposal from April 25 to April 27.
The IPO for the company, which owns the Manforce condom model and at-dwelling pregnancy testing kit Prega News, will encompass almost 40.1 million shares on provide on the market from current shareholders, in keeping with a prospectus.
The provide measurement is Rs 43.26 billion, implying the proceeds would go to the promoting shareholders alone.
Manforce condom, its greatest-promoting product, has a home market share of almost 30%, whereas Prega News has an 80% share, the New Delhi-based company stated in the prospectus.
Mankind Pharma’s IPO comes at a time when unstable markets and world macroeconomic challenges have scuppered or delayed numerous itemizing plans in India.
Earlier this 12 months, private care merchandise startup Mamaearth put its IPO on maintain whereas attire retailer Fabindia and jeweller Joyalukkas withdrew their plans.
Mankind, which additionally makes acute and persistent therapeutics, posted a revenue of Rs 9.96 billion for the 9 months ended December 31, down from Rs 12.43 billion a 12 months in the past, whereas its income from operations for a similar interval rose almost 11%.
The company had filed draft papers for the IPO in September final 12 months, with Kotak Mahindra Capital, Axis Capital and J.P. Morgan India among the many guide working lead managers.
The bidding date for anchor buyers is ready for April 24, whereas retail buyers could make a proposal from April 25 to April 27.
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