Drug maker Mankind Pharma on Wednesday said it has fixed a price band of Rs 1,026-1,080 a share for itsRs 4,326-crore initial public offering (IPO).
The three-day IPO will open for subscription during April 25-27, and the bidding for anchor investors will open on April 24, the company announced.
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.
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.
At the upper end of the price band, the IPO size is estimated at Rs 4,326 crore.
Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
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 firm will be listed on May 9 on the BSE and NSE.
