
Mankind Pharma shares rise 2% on robust Q4 results
The newly listed pharma company reported 52% growth in profit at ₹294 crore, while revenue from operations rose 19% to ₹2,053 crore in Q4FY23.
The newly listed pharma company reported 52% growth in profit at ₹294 crore, while revenue from operations rose 19% to ₹2,053 crore in Q4FY23.
The pharma stock, which made its market debut on May 9, has fallen as much as 9% in the last two sessions.
Despite today’s fall, Mankind Pharma shares trade 23.5% higher than its initial public offering (IPO) price of ₹1,080 per share
The Delhi-based healthcare company raised ₹4,326 crore in the country’s biggest IPO so far this year, which was subscribed 15.32 times on the back of strong response from QIBs.
The portion reserved for QIBs was subscribed over 49 times, while quota for NIIs and retail investors were booked 3.8% times and 0.9 times, respectively.
The pharma company has raised ₹1,297.90 crore by allotting 1.2 crore equity shares at upper end of price band at ₹1,080 per share to 77 anchor investors.
The IPO of the pharma company will open for subscription on April 25 and close on April 27.
The IPO of the country’s fourth largest pharma company by domestic sales comprises an offer for the sale of 4 crore equity shares by the promoters and existing investors.
The company divested its pharma portfolio in India to fund a new thrust in vaccines against pandemic outbreaks.
India's healthcare firms spent $4.32 billion during January to June of 2022 on mergers and acquisitions, compared to $2.02 billion in the same period last year