• Wed. Sep 28th, 2022

Manforce Condom Maker Mankind Pharma Files IPO Documents; Check details here

ByRandall B. Phelps

Sep 16, 2022

Manforce condom maker Mankind Pharma said on Friday it had filed its draft Red Herring (DRHP) prospectus with market regulator Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).

The size of the IPO is expected to be around Rs 5,500 crore, which could turn out to be one of the largest ever issued by a domestic pharmaceutical company. The offer from Mankind Pharma, also known for its popular Prega News home pregnancy test kit, includes an offer to sell 40,058,884 (over Rs 4 crore) shares with a face value of Rs 1 each by selling shareholders, including existing developers and investors.

The sale offer includes up to 3,705,443 equity shares by promoting selling shareholders Ramesh Juneja, up to 3,505,149 equity shares by Rajeev Juneja, up to 2,804,119 equity shares by Sheetal Arora, up to up to 17,405,559 equity shares by Investor Selling Shareholders Cairnhill CIPEF Limited, up to 2,623,863 equity shares by Cairnhill CGPE Limited, up to 9,964,711 equity shares by Beige Limited and up to 50,000 equity of participation by Link Investment Trustsṭ.

The Company is engaged in the development, manufacture and marketing of a diverse range of pharmaceutical formulations in various acute and chronic therapeutic areas, as well as several consumer health products. Humanity is also focused on the domestic market, following which its operating revenue in India contributed 97.60% of its total operating revenue for FY22, which was one of the highest high among its peers, according to IQVIA, a pharmaceutical company. analysis and research company.

Mankind Pharma recorded a 15.33% year-on-year (YoY) growth in net profit to Rs 1,084.37 crore for the year ended March 31, 2021. The figure was Rs 958.23 crore a year ago. On the other hand, net sales increased by 13.16% year-on-year to Rs 5,529.60 crore in FY21.

The company has onboarded Kotak Mahindra Capital Company Limited, Axis Capital Limited, IIFL Securities Limited, Jefferies India Private Limited and JP Morgan India Private Limited as book managers. Having started its journey in 1995, Mankind Pharma operates in 34 overseas destinations and has 16,000 employees. In January this year, the company moved into intensive care and launched Savior Mankind, a division dedicated to life-saving injectables. The division offers products ranging from anti-infectives to stroke and trauma management.

In February, Mankind Pharma entered into an agreement with Dr. Reddy’s Laboratories Ltd. to acquire two of its brands “Combihale” and “Daffy”. Combihale is used for the treatment of asthma and chronic obstructive pulmonary disease. The market for this category is valued at ~Rs 900 crore, growing by 14%, according to IQVIA. The acquisition of Combihale is expected to strengthen Mankind’s presence in the inhalation respiratory market segment.

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