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Mankind Pharma success boosts hopes of more consumer IPOs in India

Ruchika SharmaWritten by Ruchika Sharma Published On 2023-07-05T14:30:43+05:30  |  Updated On 5 July 2023 2:31 PM IST
Mankind Pharma Slapped With Rs 46.32 Lakh Fine in GST Order
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New Delhi: The stellar performance of Mankind Pharma Ltd. since its listing in Mumbai in May could trigger more consumer-related initial public offerings in India in the second half, according to bankers.

The company, which raised Rs 4,330 crore ($528 million) in India’s second-largest new share sale this year, has seen its shares jump 57% in almost two months, drawing a rush of buy calls from analysts.
Mankind has strong name recognition among Indian consumers and investors due to its popular line of fast-moving consumer products, including condoms, sanitizers and antacids. The stock is a good example of what investors are willing to buy when it comes to IPOs, according to Peihao Huang, co-head for Asia ex-Japan ECM at JPMorgan Chase & Co. in Hong Kong.
“It’s consumer health, domestic driven, has scale and is profitable,” she said in an interview. “We’re seeing increasing interest regarding India. Domestic consumption is really picking up, supported by favorable government policies. The success of Mankind Pharma was pretty helpful for the overall IPO market."
IPOs in India have raised almost $2.1 billion this year, a 60% drop from the same period of 2022 when proceeds were buoyed by Life Insurance Corp. of India’s $2.7 billion listing, the nation’s largest on record. Most countries have seen a slump in fundraising through equity sales this year amid concerns of slowing economies and rising interest rates.
Still, India’s main equities benchmark has outperformed emerging market peers this year as domestic spending helped drive economic growth. As well, a slowdown in offerings by Chinese companies has given India an edge as investors seek potential returns in alternative emerging markets.
ASK Automotive Ltd., a New Delhi-based supplier to motorcycle makers, and Ola Electric, a manufacturer of electric vehicles that last month began building its gigafactory in the southern state of Tamil Nadu, are among consumption-focused companies working on offerings in India.
“India is the next growth engine of the world,” said Selina Cheung, co-head of Asia equity capital markets at UBS AG in Hong Kong. The country is among regions that should see “a lot more” deals coming, she added.
Read also: Mankind Pharma draws rush of buy calls on 57 percent jump since IPO: Bloomberg
mankind pharmamankind pharma newsinitial public offeringsIPO
Source : Bloomberg
Ruchika Sharma
Ruchika Sharma

    Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751

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