Business

Mankind Pharma IPO Opens to a Slow Start, Subscribed Only 6% on Day 1

Mankind Pharma’s IPO was in news since a couple of days. On the first day which is Tuesday, it had a subscription rate of 6% at the time of writing the news as the investors stayed on the sidelines. The non-institutional investors (NIIs) accounted for about 7% of the subscription, while the retail investors subscribed to approximately 5% of their allotted quota. As per data available on BSE, the company has received bids for 10,94,145 shares against the total offer of 2,80,41,192 shares.

Bids for the QIBs’ portion of the shares on offer for this segment amounted to 1,170 shares against the total of 80,11,769 shares. Similarly, the non-institutional investors’ portion received bids for 4,48,591 shares out of the total of 60,08,827 shares on offer for this segment.

Also Read: Britain Set to Challenge Google, Amazon and Facebook With Enhanced Legal Powers

Bids for the retail investors’ portion of shares on offer for this segment amounted to 6,44,384 shares, while the total number of shares on offer for this segment was 1,40,20,596. On the other hand, no subscriptions were made for the employees’ portion.

Mankind Pharma’s IPO opened for subscription on April 25 and will close on April 27. The price band for the proposed initial public offer has been set at ₹1,026 to ₹1,080 per equity share. The public offering consists of an offer-for-sale (OFS) of 40,058,844 equity shares by the existing shareholders and promoters. Each equity share has a face value of ₹1.

Also Read: Tata Consumer Products To Nestle India, Companies to Announce Results Today

At the upper end of the price range, the company aims to raise a maximum of ₹4,326.36 crore through the IPO. The IPO is being conducted through the book-building process, where non-institutional investors must be offered at least 15% of the total offer, retail individual investors must be offered at least 35%, and a maximum of 50% can be allocated to qualified institutional buyers.

Kotak Mahindra Capital Company Ltd, Axis Capital Ltd, IIFL Securities Ltd, Jefferies India Private Ltd, and JP Morgan India Private Ltd are the book-running lead managers (BRLMs) for the Mankind Pharma IPO. The registrar for the IPO is KFin Technologies Ltd. The shares are expected to be listed on both BSE and NSE on Monday, May 8.

(This is a developing story)

Shruti Rag

Recent Posts

‘Garv Se Kaho Yeh Swadeshi Hai’: PM Modi Reinforces Call To Buy Local Ahead Of Diwali

Ahead of Diwali, Prime Minister Narendra Modi urged the public to celebrate the festival by…

1 hour ago

Yogi Adityanath Lights Over 1.51 Crore Lamps In Uttar Pradesh; Record 26 Lakh Diyas Illuminate Ayodhya Dham

Uttar Pradesh CM Yogi Adityanath announced that 1.51 crore lamps were lit across the state,…

3 hours ago

UAE’s Sheikh Mohammed & Global Envoys Greet India On Diwali

Leaders and diplomatic missions from the UAE, Singapore, and Iran extended warm Diwali wishes to…

3 hours ago

PIB Debunks Viral WhatsApp Message On Alleged Social Media & Call Monitoring Rules

The Press Information Bureau (PIB) has declared as false a viral WhatsApp message claiming government…

3 hours ago

Prez Murmu & VP Radhakrishnan Extend Warm Diwali Greetings; Urge Responsible Celebration

Prez Murmu and Vice President CP Radhakrishnan have wished citizens a happy Diwali, urging everyone…

4 hours ago

Obesity Linked To Alzheimer’s Risk In Adults With Down Syndrome, Study Finds

Obesity, not metabolic syndrome, is linked to higher Alzheimer’s risk in adults with Down syndrome,…

5 hours ago