Mankind Pharma had an impressive debut on the stock exchanges on Tuesday, with its shares closing more than 32% higher than the issue price of Rs 1,080.
On the BSE, the stock started at Rs 1,300, a 20.37% increase, and reached a high of Rs 1,430, a 32.40% surge, before closing at Rs 1,424.05 per share, a 31.85% gain. Meanwhile, on the NSE, the stock also started at Rs 1,300 and closed at Rs 1,430 per share, a 32.40% increase. Mankind Pharma’s market valuation reached Rs 57,045.80 crore.
The biggest IPO of 2023, Mankind Pharma, saw 12 lakh shares traded on the BSE and over 3.31 crore shares on the NSE. The initial share sale, which raised Rs 4,326 crore, received 15.32 times subscription last month, leading to a 20% premium to the IPO price upon listing.
“An overwhelming response from QIBs resulted in Mankind Pharma getting listed at a 20% premium to the IPO price,” said Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd. According to Santosh Meena, Head of Research at Swastika Investmart Ltd, Mankind Pharma’s impressive debut was a significant milestone in the company’s history.
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