IPO Note : Mankind Pharma By Asit C. Mehta Investment Interrmediates Ltd
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Mankind Pharma Limited- IPO
The Company was incorporated as “Mankind Pharma Private Limited” on July 3, 1991. Mankind is India’s 4th largest pharmaceutical company in terms of Domestic Sales and 3rd largest in terms of sales volume for Moving Annual Total (“MAT”) December 2022. Mankind has primarily grown organically and is the youngest company among the 5 largest pharmaceutical companies in India, in terms of Domestic Sales in 2022. Between the Financial Year 2020 and MAT December 2022, their market share in terms of Domestic Sales in the IPM increased from 4.1% to 4.3%, which represents the fastest growth among the 10 largest corporates in the IPM by Domestic Sales.
Mankind is present in several acute and chronic therapeutic areas in India, including anti-infectives, cardiovascular, gastrointestinal, anti-diabetic, neuro/CNS, vitamins/minerals /nutrients and respiratory.
Issue Details
The offer comprises Offer for Sale of 40,058,844 equity shares with a face value of ?1 totalling up to Rs. 4,326.36 crore.
Outlook and Valuations
Mankind benefits from the industry experience and business acumen of their individual Promoters and is driven by the 3 core values of quality, affordability and accessibility. Their professional and experienced management team has been critical in building their brands, growing their operations, and maintaining capital efficiency despite their emphasis on affordable product offerings. The company strives to maintain corporate governance standards. The Company is focused on sustainability in their operations as well as on the health and safety of their workforce and have undertaken initiatives relating to optimizing energy usage and minimizing dependence on conventional sources of energy to reduce carbon footprint. At the upper price band of Rs.1,080/-, stock is available at a valuation of 32.56x of its FY23E EPS of Rs.33.16. Hence, we recommend subscribing the issue from a long-term perspective
Hence, we recommend subscribing to the issue from a long-term perspective.
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