Mankind Pharma rises on launching QIP at floor price of Rs 2,616.55

The company launched its qualified institutional placement (QIP) at a floor price of Rs 2,616.55 per share aiming to raise up to Rs 3,000 crore

Mankind Pharma shares rose 2.3 per cent in trade and recorded an intraday high at Rs 2,753 per share on BSE. The buying in the stock came a day after the company launched its qualified institutional placement (QIP) at a floor price of Rs 2,616.55 per share. This implies a discount of 2.4 per cent from Monday's closing price. The QIP aims to raise funds to Rs 3,000 crore as per its filing.

 

A QIP is a method of raising capital by a publicly listed company through the sale of securities (such as equity shares or convertible securities) to qualified institutional buyers (QIBs). It is a way for companies to raise funds without the need for a public offering or a rights issue.

 

 

However around 11:18 AM, Mankind share price was up 0.34 per cent at Rs 2,700 per share on BSE. In comparison, the BSE Sensex was down 0.75 per cent at 81,136.38. The market capitalisation of the company stood at Rs 1,08,178.78 crore. The 52-week high of the stock was at Rs 2,882.75 per share and the 52-week low was at Rs 1,849.95 per share. 

 

 "In its meeting held today i.e. December 16, 2024, has inter alia considered and approved the following: 1. Raising of funds aggregating up to Rs 3,000 crore by way of Qualified Institutions Placement (“QIP”)," the filing read. 

 

Mankind Pharma is a prominent pharmaceutical company in India, known for its wide range of affordable healthcare products. Established in 1995, the company has grown rapidly and is now one of the leading pharmaceutical companies in India, catering to both the domestic and international markets.

 

The company offers a diverse range of products, including prescription medications, over-the-counter (OTC) products, dermatology products, nutraceuticals, and personal care items.

 

Some of its most recognised brands include Prega News (pregnancy test kits), Manforce (condoms), Madhur (diabetic care), and Mankind's range of antibiotics and pain relief medications.

 

While Mankind Pharma primarily focuses on the Indian market, it has also expanded its operations to several international markets, including Africa, the Middle East, and parts of Asia.

 

In the past one year, Mankind Pharma shares have gained 39.5 per cent against Sensex's rise of 14 per cent.