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Mankind Pharma share surges 32 per cent on stock market debut

The Rs 4,326 crore IPO, which was the largest so far this year, received a strong response, as the issue was subscribed 15.32 times.

MUMBAI:  Making a stellar debut on the bourses, Mankind Pharma share listed at a premium
of 20% on Tuesday.  The shares finished the listing day with a gain of 32% over the upper end of the IPO price band of Rs 1,080. The stock debut at Rs 1,300 on the BSE and finished the listing day at Rs 1,424 apiece.

The Rs 4,326 crore IPO, which was the largest so far this year, received a strong response, as the issue was subscribed 15.32 times. Retail investors were not so bullish about the IPO and this quota was only subscribed 92%. The quota reserved for qualified institutional bidders was subscribed 49.16 times, while the portion for non-institutional bidders was booked 3.80 times.

The issue was open for subscription between April 25-27 in the price range of Rs 1,026-1,080 per share.
“Fast growing India centric Mankind Pharma truly deserves credit for bringing back life into the primary market during CY2023 with a stellar listing which provided a 30% return to retail investors and the icing on the cake was the allotment itself wherein almost all retail investors were allotted the shares,” S Ranganathan, head of research at LKP Securities.

Mankind’s strong show in the primary market has brought cheers to the retail investors as the companies that went public so far this year did not fare well. Shares of recently listed firms such as KFin Technologies, Elin Electronics and Avalon Technologies are all trading below their IPO prices. “We see limited upside from here, thus investors are recommended to book profit and later enter at lower price, if available,” Rajnath Yadav, Senior Analyst, Choice Broking.

 

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