The value of Mankind Pharma Ltd. increased by as much as 23% during its first day of trading on Tuesday, giving it the biggest domestic listing of the year so far at 531.58 billion rupees ($6.50 billion).
The business, which also owns the at-home pregnancy test kit Prega News, started trading at Rs. 1300 as opposed to the offer price of Rs. 1080 for its initial public offering.
The Nifty 50 and S&P BSE Sensex, two Indian benchmark indexes, each gained 0.3% this morning.
Since Gland Pharma's Rs 6,480 crore IPO in 2020, the Rs 4,326 crore IPO was regarded as the largest by a domestic pharmaceutical company and the biggest to date in 2023.
Pharmaceuticals and other consumer healthcare goods are provided by Mankind Pharma. According to Anubhuti Mishra, an equity research analyst at Swastika Investment, the IPO, which was a complete Offer for Sale (OFS), was fully priced with a P/E valuation of 30 times.
The stock saw a surge after the share issue on May 3, 2023, when it was trading at a premium of Rs 105 (9.72%) before it was listed on exchanges. The listing's success would be determined by the aggregate market sentiment.
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