Private Equity

Liquidity Events

Mankind Pharma's Rs.4,326-Cr OFS oversubscribed

Economic Times  

The INR 4,326 crore initial share sale of Mankind Pharma was subscribed 15.32 times. The IPO, which is an offer for sale (OFS) issue, has been sold in the price band of INR 1,024-1,080. Sellers in the OFS include Private Equity investors Capital International (via Cairnhill CIPEF and Cairnhill CGPE) and ChrysCapital (via Beige Limited and Link Investment Trust). Ahead of its IPO, Mankind Pharma has raised around INR 1,297 crore by allocating 1.2 crore equity shares to 77 anchor investors. At the upper price band of INR 1,080, Mankind Pharma is valued at a price-to-earnings ratio of 30 times FY22 earnings and commands a market capitalisation of INR 44,000 crore. Post-IPO, the promoters will hold 78% of the company, with 12% held by existing PE investors. The qualified institutional buyers (QIB) category was subscribed 49 times, while the non-institutional investors or high net-worth individuals' portion was subscribed 3.8 times. However, the retail investor's portion was under-subscribed at 92%.

From the Venture Intelligence PE-VC Deal Database: Between May-15 and Apr-18, Mankind had raised almost USD 530 M from ChrysCapital and Capital International. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)