Delhi-based Mankind Pharma had a stellar opening on the stock market, listing at ₹1,300 per share on Tuesday. It closed at ₹1,424.05 on the BSE, up almost 32 percent.

In the run-up to its listing, the company had fixed the price band between ₹1,024 and ₹1,080. This is the second largest IPO in the pharmaceutical segment in recent times, after Gland Pharma’s public issue in late 2020. With revenues close to ₹8,000 crore, Mankind Pharma has a presence in the pharmaceutical and consumer healthcare segments.

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The ₹4,326-crore initial share sale of Mankind Pharma was subscribed 15.32 times on the final day of bidding last Thursday. The IPO was entirely an offer for sale by promoters and existing shareholders of the company, who sold about 4 crore shares with a face value of ₹1 each.

Mankind Pharma Ltd (MPL) is the fourth-largest pharmaceutical company in India by domestic sales and the third-largest by sales volume. With 97 per cent of its revenue from India, MPL sells pharmaceutical formulations and consumer healthcare goods, and operates 25 manufacturing sites and a specialised research and development centre with four divisions.

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