The initial public offering of drug maker Mankind Pharma received 14 per cent subscription on the first day of the sale.

Bids for 40.57 lakh shares were received against 2.80 crore shares on offer, according to an update showed on the NSE on Tuesday.

The category meant for Retail Individual Investors (RIIs) was subscribed 10 per cent and that of non-institutional investors got 33 per cent subscription.

The quota meant for Qualified Institutional Buyers (QIBs) received 8 per cent subscription.

The company's IPO is entirely an offer for sale (OFS) of 40,058,844 equity shares by promoters and other existing shareholders.

Those selling shares in the OFS are promoters Ramesh Juneja, Rajeev Juneja and Sheetal Arora. Besides, Cairnhill CIPEF, Cairnhill CGPE, Beige Limited, and Link Investment Trust will participate in the OFS.

The company has fixed a price band of Rs 1,026-1,080 per share. At the upper end of the price band, the IPO size is estimated at Rs 4,326 crore.

Since the IPO is completely an OFS, the company will not receive any net proceeds from the issue and the entire net proceeds will go to the selling shareholders.

Mankind Pharma is engaged in developing, manufacturing and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.

Kotak Mahindra Capital Company, Axis Capital, IIFL Securities, Jefferies India and JP Morgan India are the book-running lead managers to the issue.

The equity shares of the company will be listed on May 9 on both BSE and NSE.

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.