THE WHAT? Mankind Pharma has raised Rs43.3 billion in India’s largest IPO so far this year, according to a report published by the Financial Times. Its offer to investors was oversubscribed by some 15 times, with Canada Pension Plan, Goldman Sachs and Morgan Stanley all named as anchor investors.
THE DETAILS The Indian condom manufacturer is due to float on the Mumbai stock exchange this month. Shares fetched Rs1,080 a share, giving the firm a valuation of Rs432.6 billion.
THE WHY? Mankind’s performance has bucked the global IPO market trend, which has been subdued following the war in Ukraine. Analysts told the Financial Times that Mankind’s success in this context can be attributed to its well-grounded balance sheets and strong domestic revenues.
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