Key Points
Mankind Pharma, one of the largest pharma companies in India, has come out with its initial public offer (IPO), comprising an offer for sale (OFS) of about 40 million equity shares...
"Its valuations are not as expensive as most of the recent IPOs but then it is a pure domestic pharma company and to that extent, a valuation of around 32-33 times is not really cheap..
ICICI Direct has a "subscribe" recommendation to the issue as it said Makind would benefit from its strong foothold in domestic branded formulations with an emphasis on affordable product offerings...
However, EBITDA margins have declined in the nine-months FY23 period to 22.3% due to higher input costs, acquisition of low-margin products, an increase in sales force and the launch of specialty segments, in recent times.. "Post-IPO, the promoter will continue to hold 78% of the company, with 12% held by existing PE investors..
Additionally, its strong brand market and doctor coverage in the top 5 therapeutic areas look promising," it said.. Mankind Pharma is the fourth-largest Indian pharmaceutical company in terms of domestic sales and third largest in terms of sales volume for moving annual total as of December 2022..
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