IPO Details

Issue Date




Price Range

1026 - 1080

Lot Size


IPO Size

₹ 4326.36 Cr

IPO Listing Details

Listing On

9 May'23

Issue Price


Listed Price

₹ 1300

Retail Gain/Listing Gain


Start date

End date

Allotment of bids

Refund Initiation

Listing on exchange

Mankind Pharma Limited is India’s fourth largest pharmaceutical company in terms of Domestic Sales and third largest in terms of sales volume for the Financial Year 2022.

The company 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.

It is focused on the domestic market, as a result of which, the company's revenue from operations in India contributed to 97.60% of its total revenue from operations for the Financial Year 2022 (FY22), which was one of the highest among its peers, as identified by IQVIA.

The company is present in several acute and chronic therapeutic areas in India, including anti-infectives, cardiovascular, gastrointestinal, anti-diabetic, neuro/CNS, vitamins/minerals/nutrients and respiratory. Its covered market presence in the IPM has increased from approximately 62% to approximately 69% between the Financial Years 2020 and 2022.

It entered the consumer healthcare industry in 2007 and has since established several differentiated brands in the condoms, pregnancy detection, emergency contraceptives, antacid powders, vitamin and mineral supplements and anti-acne preparations categories.

Here are some of the company’s largest brands:

The company sells a range of condoms under its “Manforce” brand, which was launched in 2007. The same had domestic sales of approximately Rs 4,616 million for MAT December 2022, ranking 1st in the male condom category in the industry in terms of domestic sales, with approximately 29.6% market share.

Prega News:

Prega News is an easy-to-use home pregnancy detection kit that seeks to detect pregnancy with the use of urine samples. Its products had domestic sales of approximately Rs 1,844 million for MAT December 2022, ranking 1st in the pregnancy test kit category in the industry in terms of domestic sales, with approximately 79.7% market share.


Gas-O-Fast is an ayurvedic, multi-flavor, oral antacid powder that seeks to relieve symptoms of acidity, heartburn and indigestion. Its products had domestic sales of approximately Rs 1,230 million for MAT December 2022, ranking 5th in the molecule category in the industry in terms of domestic sales, with approximately 4.4% market share.

The company’s other key brands include Nurokind, Telmikind, and Dydroboon.

As of March 31, 2022, it has a team of over 600 scientists and a dedicated in-house R&D center with four units located in IMT Manesar, Gurugram, Haryana, and Thane, Maharashtra.

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Scaled domestic focused business:
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Established consumer healthcare franchise:
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Wide market and distribution coverage:
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Experienced and professional management team:
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  • Industry subject to extensive government regulations

  • Significant portion of revenue from a limited number of markets

  • Stricter norms regulating marketing practices by pharma companies could impact the business

Here are a few strategies Mankind Pharma Limited has for its business:

  • Increase covered market presence, including in chronic therapeutic areas

  • Focus on increasing penetration in metro and Class I cities

  • Focus on building alternative channels for growth

  • Grow its consumer healthcare business

  • Continue to develop and invest in digital platforms to enhance doctor engagement

And finally here’s a look at key financials of Mankind Pharma Limited.

Particulars (in Rs. million)

Particulars (in Rs. million)

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Mankind Pharma Ltd IPO FAQs

Mankind Pharma Ltd will list on 2023-05-09.

4326.36 is the issue size of Mankind Pharma Ltd IPO.

The price band of Mankind Pharma Ltd IPO is ₹1026 to ₹1080.

The Mankind Pharma Limited IPO has an issue size of Rs. 4,326.36 crores. The IPO opens for subscription on April 25th and ends on April 27th, 2023.

KFin Technologies Limited is the registrar for this IPO.

You can read more about Mankind Pharma Limited and its IPO from the company’s red herring prospectus (RHP) here: Mankind Pharma Limited RHP.

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