Mankind Pharma raises ₹1,298 cr from anchor investors ahead of IPO

The pharma company allotted over 1.2 crore shares to 77 funds at ₹1,080 apiece, aggregating to ₹1,298 crore.

“Trading Members of the Exchange are hereby informed that, under Anchor Investors (AIs) portion in the Public Issue of Mankind Pharma Limited, 1,20,17,652 equity shares have been subscribed today at Rs. 1,080/- per equity share. A copy of the Announcement dated April 24, 2023, issued by the Company in this regard is enclosed for your reference,” according to the circular on BSE.

Nearly 77 investors have received shares via anchor book of Mankind Pharma. Of these 16 domestic mutual funds through 41 schemes participated in the anchor round.

Canada Pension Plan Investment Board, Government of Singapore, Monetary Authority of Singapore, Goldman Sachs, Fidelity, BlackRock, Abu Dhabi Investment Authority, Nomura, and Morgan Stanley are among the anchor investors.

HDFC Mutual Fund, SBI Mutual Fund, Axis Mutual Fund, Nippon India Mutual Fund, Aditya Birla Sun Life Mutual Fund, HDFC Life Insurance Company, and SBI Life Insurance Company are the other anchor investors.

The  IPO of  the pharma company is going to open on 25 April 2023. The bidding will remain open till 27 April 2023. The issue, with a price band of ₹ ₹1,026-1,080 a share. At the upper end of the price band, the IPO size is estimated at ₹4,326 crore.

The public issue is completely offer for sale or OFS in nature and hence the company won’t get any net proceed from this public issue.

Those selling shares in the OFS are promoters Ramesh Juneja, Rajeev Juneja, and Sheetal Arora. Cairnhill CIPEF, Cairnhill CGPE, Beige Limited, and Link Investment Trust will participate in the OFS.

Since the IPO is completely an OFS, the company will not receive any net proceeds from the issue and the entire net proceeds will go to the selling shareholders.

Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors, and the remaining 15 per cent for non-institutional investors.

Mankind Pharma is engaged in developing, manufacturing, and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.