BUSINESS

Mankind Pharma plans $1 billion IPO, hires bankers

Mankind Pharma, the drug maker known for Manforce Condoms and Prega News, plans to enter the capital market by the cease of this 300 and sixty five days. The Delhi-essentially based utterly pharmaceuticals firm has hired JM Morgan, Citi, Jefferies, Axis, IIFL and Kotak as investment bankers for a $900 million-1 billion (₹7,600 crore) IPO, said two of us responsive to the event, making it one of the finest by an Indian drugmaker.

Within the proposed provide on the market, present shoppers ChrysCapital will sell about 1% stake, Capital Global will sell one other 6% whereas the promoter Juneja household will sell 3%. The provide will value the firm at about $8-9 billion (₹61,000 crore), said the of us cited above. The ChrysCapital-backed consortium of GIC of Singapore and CPP Investments, owns 10% of Mankind, whereas Capital Global owns one other 11% stake.

A ChrysCapital spokesperson declined to reveal. Ramesh Juneja, chairman and founding father of Mankind Pharma, didn’t reply to queries.

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Mankind’s top over-the-counter (OTC) manufacturers encompass being pregnant attempting out bundle Prega News, emergency contraception Unwanted-21, AcneStar anti-bacterial gel, Ringout anti-fungal powder, Gas-O-Quick, Kaloree 1 synthetic sweetener, Heal-O-Variety anti-bacterial ointment, Adiction Deodarant and KabzEnd.

The agency posted earnings of about ₹8,000 crore and ebitda of ₹2,200 crore in FY22.

This shall be one of the largest IPOs by a domestic drug producer after the ₹6,480-crore IPO of Gland Pharma in 2020. Macleods Pharmaceuticals has furthermore filed to clutch ₹5,000 crore via an initial public offering (IPO), whereas Pune-essentially based utterly Emcure Pharma is launching a ₹4,500-crore IPO.

Started in 1995 by brothers Ramesh and Rajeev Juneja, Mankind operates in 34 abroad markets with 14,000 workers. It makes a speciality of the cardiovascular, antibiotics, gastrointestinal, anti-allergic, anti-fungal, orthopaedic and gynaecological segments.

Its top pharmaceuticals encompass hypertension pills Amlokind and Telmikind, antibiotic pills Cefakind and Moxikind-CV, diet tablet Nurokind, anti-ulcer tablet Rabekind and anti-bacterial tablet Zenflox.

Mankind now now not too lengthy in the past expanded its domestic footprint by seeking out the formulation manufacturers of Panacea Biotec for India and Nepal for Rs 1,872 crore, helping it to enter new therapeutic areas–oncology and transplants.

Capital Global provided into Mankind in 2015 by procuring the 11% stake held by ChrysCapital for $200 million. ChrysCapital made a comeback in 2018, heading the consortium that incorporated Singapore’s Authorities Funding Company and Canada’s CPP Investments, by procuring a 10% stake for about $350 million, valuing the firm at $3.5 billion.

A entire lot of PE-backed pharmaceutical companies bear entered the IPO market in the recent past, allowing shoppers to exit.

The leading pharmaceutical and healthcare IPOs which bear hit the market encompass Eris Lifesciences, which raised Rs 1,740-crore, Glenmark LifeSciences (Rs 1,500 crore), Alkem Labs (Rs 1,350 crore) and Laurus Labs (Rs 1,330 crore).

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