Mankind Pharma is plans to raise capital in the range of around Rs 300-400 crore by selling a huge stake of around 20% equity shares.
The primary purpose of raising money through the IPO is for business expansion. The IPO is expected to come in the first half of 2010. The Mankind Pharma is planning to setup a research center in the New Delhi region. Proceeds from the IPO will also go to new thereupatic segments such as cardiovascular and psychiatric segment and assist in company’s field of business.
As per the news from EconomicTimes, The company is also planning to start exporting its products in Asian countries such as Middle East and Saarc countries. At the end of March 2008, the company had a turnover of around Rs 700 crore, growing at 33% annually and is targeting a turnover of around Rs 1,100 by 2009.
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The fundamentals of the company looks good. The indicators like current shareholding pattern is also convincing. Private equity (PE) firm Chryscapital is holding 10% stake in the Delhi-based company for $24 million. It was a deal done the previous year. The rest of the stake is held by the promoter Ramesh Juneja. According to figures of research-based consultancy firm ORG IMS, Mankind is the 10th largest company by sales in the domestic market with 2.4% market share at the end of February 2008.
The company has largely grown by focussing on the smaller cities and town. It recently forayed in the diagnostic segment through a tie up with Roche Diagnostics to market the Swiss company’s a blood glucose monitoring device ‘Accu-Chek Go’ in India.
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