Pharmaceutical giant Mankind Pharma had a stellar market debut on Monday, with shares surging nearly 30% in early trade. The initial public offering (IPO) had received a strong response from investors, and the company’s listing on the stock exchange exceeded all expectations.
The shares of Mankind Pharma opened at Rs. 1,500, a significant premium over the issue price of Rs. 1,000 per share. The stock continued to gain momentum throughout the day, reaching a high of Rs. 1,300 before settling at Rs. 1,200 at the close of trading.
The IPO had been oversubscribed by more than 135 times, reflecting the high level of investor interest in the company. Mankind Pharma is one of the leading pharmaceutical companies in India, with a strong focus on research and development, and a robust portfolio of products in various therapeutic areas.
The success of the IPO is a testament to the company’s strong fundamentals, as well as the confidence of investors in the Indian pharmaceutical industry. The sector has been growing rapidly in recent years, driven by factors such as a growing population, rising incomes, and an increasing burden of diseases.
The management of Mankind Pharma expressed their gratitude to investors for the overwhelming response to the IPO. They stated that the funds raised through the IPO would be used to support the company’s growth plans, including expanding their product portfolio, strengthening their manufacturing capabilities, and exploring new markets.
The bumper market debut of Mankind Pharma is a positive development for the Indian stock market, and it is expected to boost investor sentiment and confidence in the pharmaceutical sector. It also highlights the potential for Indian companies to succeed in the global market and underscores the need for continued support and investment in the sector.
