Mankind Pharma Makes A Stellar Market Debut, Shares Rally Over 32% On Listing Day

Shares of Mankind Pharma made a remarkable debut on the stock exchanges on Tuesday and ended with a premium of over 32% against the issue price of Rs 1,080, according to a PTI report. The company has a market capitalisation of Rs 57,045.80 crore.

The stock began the trade at Rs 1,300 apiece, rallied 20.37% on the BSE. During the day, it soared 32.40% to Rs 1,430. The company's stock ended at Rs 1,424.05 apiece, registering a rally of 31.86% on BSE, as per the PTI report.

On the NSE, shares of the company made its debut at Rs 1,300 per share. It ended at Rs 1,430 per share, recording a rally of 32.40%.

"Mankind Pharma, the biggest IPO of 2023, made its debut in the market at a listing price of Rs 1,300," Santosh Meena, Head of Research at Swastika Investmart Ltd, said.

In volume terms, 12 lakh shares of the firm were traded on the BSE during the day and over 3.31 crore shares on the NSE, added the PTI report.

"Mankind Pharma got listed at a 20% premium to the IPO price following an overwhelming response from QIBs," said Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd.

The Rs 4,326-crore initial share sale of Mankind Pharma received 15.32 times subscription last month, stated the PTI report.

The company's IPO was entirely an Offer For Sale (OFS) of 4,00,58,844 equity shares by promoters and other existing shareholders.

Price range for the offer was Rs 1,026-1,080 a share.

Mankind Pharma is engaged in developing, manufacturing and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.