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Mankind Pharma files for IPO may be one of biggest files pharma ever filed

Published On :- October 18, 2022

Mankind Pharma has filed its draft Red Herring Prospectus (DRHP) papers with market regulator Securities and Exchange Board of India (SEBI) to raise funds through initial public offering (IPO).

The IPO will consist of an Offer for Sale (OFS) of 4 crore (40,058,844) equity shares by the promoters and existing shareholders of the company. The promoters of the company are Ramesh Juneja, Rajiv Juneja, Sheetal Arora, Ramesh Juneja Family Trust, Rajiv Juneja Family Trust and Prem Sheetal Family Trust.

Sources told Livemint that the size of IPO expected to be approx 5,500 crore, which could make it one of the largest ever public offering by a domestic pharma company.

The entire proceeds from the Offer shall be paid to the Selling Shareholders in proportion to the equity shares offered by the Selling Shareholders in the Offer for Sale and the Company shall not receive any proceeds from the Offer as per DRHP.

Established in 1991, Mankind Pharma is one of the leading pharmaceutical company in India. Apart from branded generic drugs, the company’s flagship brands include Prega-News Pregnancy Testing Kit, Manforce Condom, Gas-O-Fast Ayurvedic Antacid and acne treatment drug Acnestar.

In 2015, Capital International purchased an 11% stake in Mankind from ChrysCapital for $200 million. In April 2018, ChrysCapital again bought a 10% stake for approximately $350 million.

In April this year, Mankind Pharma announced the launch of Mankind Agritech Pvt Ltd in the agritech segment and the company said it would invest. 200 crore in the next two to three years. With the launch of Mankind Agritech, the company will provide Indian farmers with crop care solutions that include weedicides, insecticides, fungicides, plant growth regulators and organics.

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