Mankind Pharma IPO: Price Band Set At 1,026 To 1,080 Rupees A Share

Pharmaceutical company Mankind Pharma Ltd has set a price band of 1,026 rupees to 1,080 rupees per share for its initial public offering (IPO), according to a newspaper advertisement, valuing the company at 432.64 billion rupees ($5.27 billion) at the upper end of the band.

The IPO for the company, which owns the Manforce condom brand and pregnancy testing kit Prega News, will consist of nearly 40.1 million shares on offer for sale from existing shareholders, according to a draft prospectus, with an offer size of 43.26 billion rupees.

The company’s profit for the nine months ended Dec. 31 fell to 9.96 billion rupees from 12.43 billion rupees a year ago, while its revenue from operations for the same period rose nearly 11%.

Mankind had filed draft papers for the IPO in September last year, with Kotak Mahindra Capital, Axis Capital and J.P. Morgan India among the book running lead managers.

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