Mankind Pharma launches QIP to raise up to ₹3,000 crore; check floor price, and other details

The opening date of the issue was Monday, December 16. 

Further, the floor price for the issue is set at ₹2,616.55 per equity share, based on the pricing formula. 

Shares of the company ended at ₹2,690.80 apiece on the BSE on Monday, up 1.91%. 

QIP is a fund-raising tool by listed companies. QIPs are generally offered to qualified institutional buyers (QIBs), which include mutual funds, pension funds, venture capital funds, and other institutional investors.

Capital market regulator Securities and Exchange Board of India (SEBI) introduced the qualified institutional placement (QIP) in India on May 8, 2006.

For the quarter ended September 30, 2024 (Q2 FY25), Mankind Pharma reported a 29% rise in its consolidated net profit to ₹658.88 crore, helped by recovery in volume.

The company posted a net profit of ₹511.18 crore in the July-September quarter a year ago, according to a regulatory filing from Mankind Pharma, the country's fourth-largest pharmaceutical company.

Its revenue from operations increased 13.6% to ₹3,076.51 crore in the September quarter against ₹2,708.10 crore a year ago.

The company had a "steady revenue growth of 13.6% year-on-year with strong EBITDA margins of 27.7%, driven by recovery in volume, continued outperformance in the chronic segment, and operating leverage," its Vice Chairman and Managing Director Rajeev Juneja said.

Its total expenses rose 9.8% to ₹2,339.19 crore in Q2 FY25.

The total income of Mankind Pharma, which includes other income, surged 15.09% to ₹3,185.94 crore in the September quarter.

Its domestic revenue increased 11% to ₹2,796 crore, while exports jumped 57% to ₹281 crore.

Exports revenue was "driven by an increase in our base business supported by new launches in the last 12-24 months," it said.