The Indian stock market continues to soar high with the Nifty and Sensex surging 0.39% and 0.40%, respectively, riding high on the wave of follow-up buying in index heavyweights. The bullish trend has left market participants jubilant and optimistic, as they watch the market reach new heights day after day.
However, the icing on the cake came with the much-awaited debut of Mankind Pharma on the bourses on Tuesday. The listing of the pharmaceutical giant brought a much-needed ray of hope and optimism to the market participants. The shares of Mankind Pharma listed at a whopping Rs 1,300 apiece, gaining more than 20.4% from the issue price of Rs 1,080 per equity share. This incredible surge in the stock price has left investors thrilled and excited, as they anticipate a bright future for Mankind Pharma in the Indian stock market.
As the market continues to witness bullish momentum, the stellar debut of Mankind Pharma has added to the cheer and optimism of market participants, with many looking forward to the potential gains that may come with investing in the company. The bulls are roaring on D-Street and investors are eagerly waiting to see where this surge will take them next!
Mankind Pharma has one of the largest distribution networks of medical representatives in the Indian pharmaceutical market. Over 80% of doctors in India prescribed their formulations and it has ranked 4th in terms of domestic sales during the Financial Year 2022.
The issue was open for subscription between April 25-27 in the price range of Rs 1,026-1,080 per share. The Rs 4,326 crore initial share sale of Mankind Pharma is one of the biggest IPO of calendar year 2023, and was subscribed 15.32. The public issue subscribed 0.92 times in the retail category, the lukewarm response to the IPO from the retail category could be attributed to risk off sentiment from the retail investors. Meanwhile, QIB category and NII category saw subscriptions of 49.16 times and 3.80 times, respectively.
The stock is currently trading up by 26% at Rs 1360. The stock touched an intra-day high of Rs 1414 and low of Rs 1300.