Mankind Pharma sets IPO price band at ₹1,026-1,080

Mankind Pharma said it has fixed a price band of ₹1,026-1,080 a share for its initial public offering (IPO)

Drug maker Mankind Pharma on Wednesday said it has fixed a price band of ₹1,026-1,080 a share for its ₹4,326-crore initial public offering (IPO).

The three-day initial public offering (IPO) will open for subscription during April 25-27, and the bidding for anchor investors will open on April 24, the company announced.

The company's IPO is entirely an offer for sale (OFS) of 40,058,844 equity shares by promoters and other existing shareholders.

Those selling shares in the OFS are promoters Ramesh Juneja, Rajeev Juneja and Sheetal Arora. Besides, Cairnhill CIPEF, Cairnhill CGPE, Beige Limited, and Link Investment Trust will participate in the OFS.

Since the IPO is completely an OFS, the company will not receive any net proceeds from the issue and the entire net proceeds will go to the selling shareholders.

At the upper end of the price band, the IPO size is estimated at ₹4,326 crore.

Half of the issue size has been reserved for qualified institutional buyers, 35% for retail investors and the remaining 15% for non-institutional investors.