New Delhi: Mankind Pharma had a successful debut on the Dalal Street exchange, opening at ₹1,300 per equity share, which was over 20% higher than the IPO price of ₹1,026 to ₹1,080 per equity share. Within a few minutes, the share price surged even higher and hit an intraday high of ₹1,325 on BSE. The company is a well-established pharmaceutical firm with a range of consumer healthcare products, and it has strong fundamentals, earning outperforming ratings from global brokerage Macquarie.
Santosh Meena, the Head of Research at Swastika Investmart, commented on Mankind Pharma’s IPO listing, stating that the company’s issue price at the upper band was ₹1080, making its listing at ₹1300 a profitable move for investors. Meena advised investors who applied for listing gains to either hold the stock with a stop loss at the issue price or exit the market.
Ravi Singhal, CEO at GCL Broking, suggested that investors hold onto the stock with a stop loss at ₹1,200 for a near-term target of ₹1,440. For those who missed out on the initial public offering, Singhal recommended buying the stock at around ₹1,240 to ₹1,250 levels for a target of ₹1,440 per share while maintaining a stop loss at ₹1,200.
The public issue of Mankind Pharma was open for bidding from April 25th to April 27th, 2023, and was subscribed 15.32 times. The QIB portion was subscribed 49.16 times, while the retail segment failed to get fully subscribed, reaching only 92% of its total offer. The public offer comprised of a pure offer-for-sale (OFS) of 40,058,844 equity shares by the promoters and other existing shareholders, with a face value of ₹1 per equity share.
Through the book-building process, the offer was made in which not less than 15% of the offer had to be made available to non-institutional investors, and not less than 35% of the offer had to be made available to retail individual investors. Not more than 50% of the offer were allowed to be allocated to qualified institutional buyers.
