Mankind Pharma to make market debut on Tuesday following a successful IPO

Mankind Pharma will make its stock market debut on Tuesday following a successful Rs 4,326-crore initial public offering (IPO). Shares of the country’s fourth largest pharma company in terms of sales are expected to see double-digit gains over its IPO price of Rs 1,080, as per grey market participants.

At issue price, Mankind was valued at Rs 43,264 crore, about 30 times its FY22 earnings and in line with other listed pharma players. 

The IPO had seen strong demand from institutional investors even as the retail quota had remained undersubscribed. The company sells the Manforce brand of condoms, which has a 30 per cent market share, while its pregnancy test kit Prega News commands 80 per cent of the market.