Mankind Pharma Ltd IPO Details Issue Price, Date, News, Allotment Status, GMP, Link, Updates

Mankind Pharma Ltd IPO Company Profile :

Mankind Pharma Ltd is India’s fourth largest pharmaceutical company in terms of Domestic Sales and second 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. The company is focused on the domestic market, as a result of which the revenue from operations in India contributed to 97.60% of the total revenue from operations through the pharmaceuticals and consumer healthcare business for the Financial Year 2022, which was one of the highest among its peers.

IPO-Note	Mankind Pharma Limited
Rs.1026 – Rs.1080 per Equity share	Recommendation: Long-Term

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Mankind Pharma Ltd IPO details:

Mankind Pharma Ltd IPO Business Areas:

• Domestic pharmaceuticals business: The product portfolio comprises a broad range of formulations across various acute and chronic therapeutic areas including anti-infectives, cardiovascular, gastrointestinal, anti-diabetic, neuro/CNS, vitamins/minerals/nutrients, and respiratory.

• Consumer healthcare business: The Company has established several differentiated brands in the condoms, pregnancy detection, emergency contraceptives, antacid powders, vitamin and mineral supplements, and anti-acne preparations categories.

Mankind Pharma Ltd IPO Financial Performance:

Mankind Pharma Ltd IPO Shareholding Pattern:

Particulars	Pre- Issue	Post Issue
Promoters Group	79%	69%
Others	21%	31%

Source: RHP, EWL Research

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Mankind Pharma Ltd IPO Key consumer healthcare brands:

• Manforce: Under the Manforce brand, the company sells a range of condoms. In terms of Domestic Sales in the Financial Year 2022, Manforce ranked 1^st in the male condom category, with a market share of approximately 30.2%

• Prega News: Prega News is an easy-to-use home pregnancy detection kit that seeks to detect pregnancy with the use of urine samples. In terms of Domestic Sales in the Financial Year 2022, Prega News ranked 1^st in the pregnancy test kit category, with a market share of approximately 80.1% as of March 31, 2022.

• Gas-O-Fast: Gas-O-Fast is an ayurvedic, multi-flavor, oral antacid powder used to relieve symptoms of acidity, heartburn, and indigestion. In terms of Domestic Sales in the Financial Year 2022, Gas-O-Fast ranked 5^th in the molecule category, with a market share of approximately 4.0%

• Unwanted-72: Unwanted-72 is used as an emergency contraceptive tablet to prevent unwanted pregnancy in cases of unprotected sex or contraceptive failure. The tablet is to be taken within 72 hours of sexual intercourse in order for it to be effective. This contraceptive range also includes birth control pill, namely Unwanted-21 Days. In terms  of  Domestic  Sales  in  the  Financial  Year 2022,  Unwanted-72  ranked  1^st in  the  emergency  contraceptive  category,  with  a  market  share  of approximately 59.2%

• Health OK: Health OK is a multivitamin tablet that helps improve energy levels and boosts overall health and immunity. Under Health OK, the company offers multivitamin gummies for children. In terms of Domestic Sales in the Financial Year 2022, Health OK ranked 5^th in the multivitamin category, with a market share of approximately 3.4%

• AcneStar: AcneStar is an anti-inflammatory and anti-bacterial gel that contains clindamycin and nicotinamide and is used for the treatment of acne. In terms  of  Domestic  Sales  in  the  Financial  Year  2022, AcneStar  ranked 2^nd in the  acne  preparations category, with a market share of approximately 13.2%

Mankind Pharma Ltd IPO Financial Analysis:

Mankind Pharma Ltd IPO Analysis of the Group’s sales by region:

Mankind Pharma Ltd IPO Strengths:

• Mankind Pharma Ltd has a scaled domestic-focused business with the potential for further growth. Between the Financial Years 2020 and 2022, the market share in terms of Domestic Sales in the Indian pharmaceutical market (IPM) increased by 0.4% from 4.0% to 4.4%, which represents the fastest growth among the 10 largest corporates in the IPM by Domestic Sales.

• The Government of India has  announced  various  Production  Linked  Incentive  (“PLI”)  Schemes  for the promotion  of  domestic manufacturing  of  critical  key  starting  materials,  drug  intermediates, and  APIs, which  seek  to  boost domestic manufacturing of identified key starting materials, drug intermediates, and APIs by attracting large investments in the sector and thereby reduce India’s import dependence for critical APIs and  in  turn supports the growth of domestic-focused businesses

• Between the Financial Years 2020 and 2022, Domestic Sales grew at a CAGR of approximately 16%, also outperforming the overall IPM growth in Domestic Sales of approximately 11%, by approximately 1.5 times.

• Mankind Pharma Ltd intends to continue to increase the Covered Market presence and strengthen its position in the IPM. It had a Covered Market presence of approximately 64% of the IPM in terms of Domestic Sales for the Financial Year 2022.

• The company has established a number of consumer healthcare brands in the condoms, pregnancy detection, emergency contraceptives, antacid powders, vitamin and mineral supplements, and anti-acne preparations categories, among others.

Mankind Pharma Ltd IPO Risk factors:

• Any problems in the quality control or manufacturing processes may damage the reputation, subject the company to regulatory action and expose it to litigation or other liabilities

• The pharmaceutical  and  consumer  healthcare  industries  are  intensely  competitive  and  if the company is unable to respond adequately to the increased competition or pricing pressure it expects to face, it could lose market share and the revenues and profits could decline, which would in turn adversely affect its business

• There are outstanding legal proceedings involving the Company, its Promoters, its Subsidiaries, and its Directors.

• Any failure to maintain and enhance, or any damage to, its brands, product image, or reputation could adversely affect the market recognition, and trust in, the products of the company.

• Any disruption, slow down, or shutdown in the manufacturing or R&D operations could adversely affect our business, financial condition, cash flows, and, results of operations.

Mankind Pharma Ltd IPO Outlook:

MPL is one of the leading Indian Pharmaceutical companies and is engaged in the developing, manufacturing and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas as well as several consumer healthcare. It possesses a variety of significant consumer healthcare brands including Manforce, Prega News, Gas-O-Fast, Unwanted-72, Health Ok and Acne Star. The company is focusing to increase its covered market presence including chronic therapeutic areas and expand its distribution networks including e-commerce and modern trade channels. The Indian Pharmaceutical Market is expected to grow at a CAGR of 10-11% by FY27 driving by the growth of increasing healthcare spending, expanding export markets, favorable government policies and increasing investing on the Research & Development. The fundamentals of MPL looks good and on the basis of FY22 earnings, it is offering the PE of 29.76 times on the upper price band against the industry average of 40.16. Hence we recommend to subscribe for long term perspective.

 

Source: Mankind Pharma Ltd DRAFT RED HERRING PROSPECTUS (DRHP)

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