Shares of Mankind Pharma Ltd. listed at Rs 1, 300 apiece on the Bombay Stock Exchange, a premium of 20.37% over its IPO price of Rs 1,080 apiece.
The pharma company IPO was subscribed 15.32 times, with QIBs applying for 49.16 times the allotted quota of shares. The portion set aside for high networth individuals (HNIs) was subscribed 3.8 times and the retail investor part was booked 92%.
The company will not receive any portion of the proceeds from the offer, it said in its red herring prospectus.
Mankind Pharma operates at the intersection of the Indian pharmaceutical formulation and consumer healthcare sectors. The company has one of the largest distribution networks of medical representatives — a field force of 11,691 medical representatives and 3,561 field managers, as of December 31, 2022 — in the Indian pharmaceutical market, and over 80% of doctors in India prescribed its formulations for MAT December 2022, as per IQVIA.