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Investors love condom maker, IPO subscribed 15.32 times

The IPO of Mankind Pharma, a condom maker, has been taken up by investors. This IPO has been oversubscribed 15.32 times on the last day of subscription. Mankind Pharma’s IPO opened on 25 April. The share of qualified institutional buyers (QIBs) in the IPO has been subscribed to 4916 per cent. IPOs from this category have got bumper support. At the same time, the portion of retail investors (RII) has been undersubscribed. This portion was subscribed only 0.92 times. At the same time, the share of non-institutional investors (NII) has been subscribed 380 percent. Subscription to the IPO has closed. However, there may be slight variations in these figures.

Fall in gray market premium

Despite being oversubscribed, the GMP of Mancound Pharma shares fell on Thursday. It has come down to Rs 30 as compared to Rs 92 per share on Monday. This gray market premium indicates that the shares may be valued at 2.78 per cent above the upper band of the offer price. The price band for Mankind Pharma’s IPO was Rs 1026 to Rs 1080 per share. The face value of the share is Rs.1. At the upper end of the price band, the company is looking to raise Rs 4,326.35 crore from the IPO.

These people sold shares in IPO

Mankind Pharma’s IPO was purely an offer for sale. In this issue, the promoters and other existing shareholders had put up for sale 40,058,844 equity shares of the company. The promoters of the company selling shares in the issue include Ramesh Juneja, Rajeev Juneja and Sheetal Arora. In addition, Cairnhill CIPEF, Cairnhill CGPE, Bez Limited and Link Investment Trust will also participate in the OFS.

What does the company do

Mankind Pharma develops and manufactures a wide range of pharmaceuticals. It also manufactures several consumer healthcare products. Mankind Pharma has created many different brands in condoms, pregnancy detection, emergency contraceptives, antacid powder, vitamins, mineral supplements and anti-acne categories. The company has 25 manufacturing facilities across the country.