Mankind Pharma files DRHP for Rs 5,500 crore IPO

Mankind Pharma, the drug maker, known for Manforce Condoms and Prega News, has filed its draft red herring prospectus (DRHP) with market regulator Sebi for an initial public offering on Friday. According to bankers, the size of the public offer is expected to be Rs 5,500 crore.

The company’s initial public offering comprises an offer for the sale of 4 crore equity shares by the promoters and existing investors.

The offer for sale comprises up to 1 crore shares by promoter Juneja family, up to 2 crore shares by Capital International, up to 99.65 lakh by Beige, and up to 50,000 equity shares by Link Investment Trust.

The ChrysCapital-backed consortium of GIC of Singapore and CPP Investments owns 10% of Mankind, while Capital International owns another 11% stake.

The company has hired JM Morgan, Citi, Jefferies, Axis, IIFL, and Kotak as investment bankers.

The firm posted revenue of about Rs 8,000 crore and EBITDA of Rs 2,200 crore in FY22.

Mankind's top over-the-counter (OTC) brands include pregnancy testing kit Prega News, emergency contraception Unwanted-21, AcneStar anti-bacterial gel, Ringout anti-fungal powder, Gas-O-Fast, Kaloree 1 artificial sweetener, Heal-O-Kind anti-bacterial ointment, Addiction Deodorant, and KabzEnd.

This will be one of the largest public issues by a domestic drug manufacturer after the Rs 6,480-crore IPO of Gland Pharma in 2020. Macleods Pharmaceuticals has also filed to raise Rs 5,000 crore through an initial public offering (IPO), while Pune-based Emcure Pharma is planning a Rs 4,500-crore IPO.