Key Points
The IPO received a strong response, with the issue subscribed for 15.32 times, primarily driven by QIBs..
Following the listing, Macquarie initiated coverage on Mankind Pharma with an 'outperform' rating and target price of Rs 1,400 based on the company's net profit potential, shift towards chronic therapies and unlocking of operating leverage.Reuters..
Post listing of the stock, brokerage firm Macquarie, initiated coverage on Mankind Pharma with an outperform rating and target price of Rs 1,400...
"We initiate coverage on Mankind Pharma with an outperform rating, as we believe the companys net profit could double in the next three years, driven by continued sales outperformance relative to the Indian pharma market (IPM), mix shift towards chronic therapies, and unlocking of meaningful operating leverage as salesforce productivity improves," Macquarie said.. Macquarie further stated, "Our target PER of 25x implies a discount of ~20% vs average PER of 31x for pure play domestic players such as Abbott, GSK, and Pfizer India."..
Thus Mankind Pharma received a good response from its anchor clients given its domestic-focused business with strong brand recall in both chronic and consumer healthcare segments."..
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Mankind Pharma IPO sails through on Day 3
27, Apr, 23The IPO was subscribed 2.08 times so far on Day 3, with non-institutional investors (NIIs) and qualified institutional buyers (QIB) doing the heavy lifting. The NII part was subscribed 1.34 times while the QIB category was subscribed 5.68 times.
Mankind Pharma IPO subscribed 15.32 times
28, Apr, 23This will be one of the largest public issues by a domestic drug manufacturer after the ₹6,480-crore IPO of Gland Pharma in 2020. 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%.