Jobaaj Stories
The parent of popular brand Manforce Mankind Pharma Limited has launched its Rs 4,300 crore IPO which is now available for subscription.
Mankind pharma is the fourth largest pharmaceutical company in India (by sales) as it has been an active player in the field ever since 1991. The company makes medicines for a variety of fields such as gastro, cardiovascular, vitamins, neuro, respiratory, etc.
Three of its most famous brands are PregaNews, Gas-O-Fast and Manforce. The company has a total of 36 brands as it has a pan-India presence with 25 manufacturing facilities located across the country.
The issue is a 100% OFS as 50% of the issue is reserved for QIBs, 35% for HNIs while the balance is for RIIs. At a pricing of Rs 1026-1080 per share, the shares are considered to be priced right, not expensive or cheap.
The IPO, which opened for subscription today and will stay open till 27th April, will cost Rs 14,040 per lot as each lot will contain 13 shares. Several brokerages have a subscribe rating to the IPO as they suggest the share presents an attractive investment opportunity due to it's strong position in the Indian market and growing business.
At the time of reporting, the company's IPO had seen a subscription of 3% at the end of Day 1. Retail investors had subscribed 4% while NIIs stood at 6%. Surprisingly, there were no bids for the QIB portion as the share enjoyed a GMP of Rs 90-95 per share.
- Aman Agarwal.
