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Mankind Pharma, the maker of top-selling condom brand Manforce Condoms, has filed a draft red herring prospectus with Sebi to raise an upward value of $700 mn via an IPO. This would make it one of the biggest ever attempted public raises in the pharmaceutical industry.
Currently, Gland Pharma holds that mark, making the IPO public with a value of $869 million in November 2020.
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Mankind Pharma is India’s fourth largest pharmaceutical company in terms of domestic sales and the second largest in terms of sales volume for FY22.
“Mankind Pharma has done the e-filing of its draft papers. It is cash rich and has been trying to expand its OTC products vertical for better margins, so there is a strong consumer angle. The IPO will consist of solely an OFS or offer for sale component of 10 percent,” said one of the persons above.
The valuation could range from $7 - $8 billion, depending on market conditions. Some of the key existing investors include ChrysCapital and Capital International as well. The promoters are also likely to dilute some stake.
The Investment banking firms appointed for the IPO are JP Morgan, Jefferies, IIFL Capital, Axis Capital, and Kotak Mahindra Capital. While, Shardul Amarchand Mangaldas, Cyril Amarchand Mangaldas, and Sidley are the law firms on the deal.
“In 2015, Capital International had purchased an 11% stake in Mankind Pharma from ChrysCapital for $200 million. In April 2018, a ChrysCapital-led consortium, which included GIC and CPPPIB, made a stunning comeback and bought a 10 percent stake again for around $350 million,” sources said.
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