Mankind Pharma shares jump over 32% in debut trade

New Delhi: Shares of Mankind Pharma made a remarkable debut on the stock exchanges on Tuesday and ended with a premium of over 32 per cent against the issue price of Rs 1,080.

The stock began the trade at Rs 1,300, up 20.37 per cent on the BSE. During the day, it zoomed 32.40 per cent to Rs 1,430. The company's stock ended at Rs 1,424.05 apiece, a gain of 31.85 per cent.

On the NSE, shares of the company made its debut at Rs 1,300. It ended at Rs 1,430 per share, registering a jump of 32.40 per cent.

The company commanded a market valuation of Rs 57,045.80 crore.

"Mankind Pharma, the biggest IPO of 2023, made its debut in the market at a listing price of Rs 1,300," Santosh Meena, Head of Research at Swastika Investmart Ltd, said.

In volume terms, 12 lakh shares of the firm were traded on the BSE during the day and over 3.31 crore shares on the NSE.

"Mankind Pharma got listed at a 20 per cent premium to the IPO price following an overwhelming response from QIBs," said Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd.

The Rs 4,326-crore initial share sale of Mankind Pharma received 15.32 times subscription last month.

The company's IPO was entirely an Offer For Sale (OFS) of 4,00,58,844 equity shares by promoters and other existing shareholders.

Price range for the offer was Rs 1,026-1,080 a share.

Mankind Pharma is engaged in developing, manufacturing and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.