Key Points of Mankind Pharma IPO Subscription Status on Day 2:
- Mankind Pharma’s IPO receives a strong response with bids for 58 lakh equity shares.
- The subscription on the second day of bidding is 21 percent.
- The IPO’s offer size is for 2.8 crore shares, with a price band of Rs 1,026-1,080 per share.
- 35 percent of the shares are reserved for retail investors, with retail investors bidding for 15 percent of the share.
- HNIs have bought 30.97 lakh shares out of their quota of 60 lakh shares.
- QIBs have bid for 6.25 lakh shares out of the 80.11 lakh shares reserved for them.
- Senior Vice President of Mehta Equities’ research division, Prashanth Tapse, expressed concerns about the 100 percent OFS and stated that the price band valuation appears a bit expensive compared to other listed companies such as Cipla and Zydus Life.
Details of Mankind Pharma IPO Subscription Status on Day 2:
Mankind Pharma’s IPO garners strong response with bids for 58 lakh equity shares, representing 21 percent subscription, on the second day of bidding, as of April 26. The offer size is for 2.8 crore shares. The first day of the IPO saw a subscription of 14 percent.
The public issue is an offer for sale (OFS) with 35 percent of the shares reserved for retail investors. Retail investors have bid for 15 percent of the share. The rest of the shares have been set aside for qualified institutional buyers (QIBs) and high net-worth individuals (HNIs).
HNIs have bought 30.97 lakh shares out of their quota of 60 lakh shares, while QIBs have bid for 6.25 lakh shares out of the 80.11 lakh shares reserved for them.
The price band for the IPO is set between Rs 1,026-1,080 per share, and it is expected to raise Rs 4,326.36 crore for the selling shareholders. Mankind Pharma is the fourth largest domestic pharma company in India, with a focus on developing a broad range of pharma products across acute and chronic therapies, as well as consumer healthcare products such as Manforce, Prega News, Gas-O-Fast, and Unwanted Kit.
Senior Vice President of Mehta Equities’ research division, Prashanth Tapse, expressed concerns about the 100 percent OFS and stated that the price band valuation appears a bit expensive compared to other listed companies such as Cipla and Zydus Life.
Tapse further mentioned that conservative investors in the current market climate may not prefer investing in a higher OFS IPO.
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