PE-backed Mankind Pharma files for India IPO
Indian drug maker Mankind Pharma has filed for a domestic IPO, setting up an exit for Capital International, a private equity arm of Capital Group.
Financial terms were not disclosed in a draft prospectus, although various local media have reported the company is targeting INR 55bn (USD 690m), which would make it among the largest IPOs in the local pharma space. Gland Pharma raised USD 870m in late 2020 and currently has a market capitalisation of INR 377bn.
Capital International, which acquired an 11% stake in Mankind for USD 180m in 2015, is looking to offload about 20m shares.
Other investors include ChrysCapital Partners, GIC, Adams Street Partners, Pantheon, and HarbourVest Partners. They were part of a ChrysCapital-led consortium that acquired a 10% stake in 2018 for about USD 350m. ChrysCapital put in about USD 300m.
The private equity firm first invested in the company in 2007 and exited eight years later with a 7.6x return. It sold some of its shares to Capital International in 2015.
Link Investment Trust, an entity that appears to be associated with Ashley Menezes, a partner and COO at ChrysCapital, is set to sell 50,000 shares as part of the IPO.
Mankind produces pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products. It claims to be India’s fourth largest pharmaceutical company in terms of domestic sales.
It generated INR 77.8bn in revenue in the 2022 financial year, up from INR 62.1bn the prior year. During the same period, net profit increased from INR 12.9bn to INR 14.5bn.
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