Mankind Pharma Plans SI-b IPO, Hires Bankers                                                     

Mankind Pharma, the drug maker known for Man Force Condoms and Prego News, plans to enter the capital market by the end of this years. The Delhi- based pharmaceuticals company has hired JM Morgan, Citi, Jefferies Axis, IIFL and Kotak as investment bankers for a 900 million -1 billion (7600 crore) IPO, said two people aware of the development making it one of the biggest by an Indian drug maker. In the proposed offer for sale, existing investors Chris Capital will sell about 1% stake, Capital International will sell another 6% while the promoter Juneja family will sell 3% the offer will value the company at about 8-9 billion (61,000 crore), said the people cited above.

The Chris Capital- backed consortium of GIC of Singapore and CPP Investments own 10% of mankind, while capital International owns another 11% stake. A ChrysCapital spokesperson declined to comments. Ramesh Mankind Pharma, didn’t respond to queries Mankind’s top over the counter (OTC) brands include pregnancy testing kit Prego News, emergency contraception Unwanted-21 Acne Star anti-bacterial gel, Rigout anti-fungal powder, Gas-O fast, Calorie 1 artificial sweetener, Heal-O kind anti-bacterial ointment, Addiction Deodorant and keened. The firm posted revenue of about 8000 crore and ebbtide of 2,200 crores in Fy21. This will be one of the largest IPOs by a domestic drug manufacturer after the 6,480- crore IPO of Gland Pharma in 2020. MacLeod’s Pharmaceuticals has also filed to raise 5,000 crores through an initial public offering (IPO), while pine- based Encore Pharma is launching 4,500 crore IPO. Started in 1995 by brothers Ramesh and Rajeev Juneja, Mankind operates in 34 overseas markets with 14,000 employees. It focuses on the cardiovascular, antibiotics, gastrointestinal, anti-allergic anti-fungal, orthopedic and gynecological segments. S-ET

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *