Biggest IPO of 2023 gets listed; stock surges 31.86 per cent from issue price

IPO listed with a 20.37 per cent premium on the BSE!

Mankind Pharma's initial public offering (IPO) price on the BSE is Rs 1,300, up 220 points or 20.37 per cent from its issue price of Rs 1,080. 

The stock hit a high and low of Rs 1,430 and Rs 1,300 respectively. It closed around Rs 1,424.05 up by 9.54 per cent from the opening price and 31.86 per cent up from the issue price. So far 12,00,287 shares were traded on the counter. 

The offering which was open for subscription between April 25, 2023, and April 27, 2023, was subscribed over 15 times. The issue price was fixed at Rs 1,080 per share i.e., at the upper end of the price band of Rs 1,026-1,080 per share.  

DSIJ offers a product 'Upstream' with recommendations for contrarian stocks based on research and analysis to help subscribers make informed investment decisions. If this interests you, then do download the product details pdf here

The BSE group ‘B’ stock has a face value of Rs 1 with a market capitalization of Rs 57,045.80 crore.   

On a consolidated basis, the company's net sales were up by 25.22 per cent from Rs 6,214.43 to Rs 7,781.56 crore for FY22 compared to FY21 and in the same year, net profit was up by 12.37 per cent from Rs 1,293.03 to Rs 1,452.96.   

Mankind Pharma Ltd (MPL) is India's fourth-largest pharmaceutical company by domestic sales and third-largest by sales volume. The company develops, manufactures, and markets a wide range of pharmaceutical formulations for acute and chronic therapeutic areas, as well as several consumer healthcare products. 

The pre-issue shareholding is 79.00 per cent, post the IPO the promoter stake will be 76.50 per cent.