India's Mankind Pharma files for IPO

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BENGALURU (Reuters) -Indian pharmaceutical company Mankind Pharma Ltd has filed draft papers for an initial public offering (IPO) with the domestic market regulator, according to a prospectus.

The IPO will consist of nearly 40.1 million shares on offer for sale from existing shareholders, according to the draft prospectus dated Sept. 15, which did not disclose the total offer size.

The IPO will be worth around 55 billion rupees ($689.57 million), a source briefed on the matter told Reuters. The company did not immediately respond to a request for comment.

Mankind Pharma, which owned brands such as the Manforce condom and pregnancy testing kit Prega News, had reported a consolidated net profit of 14.33 billion rupees for the year ended March 31, 2022, up 13.3% from the previous year, according to the filing.

Consolidated revenue from operations stood at 77.82 billion rupees, compared with 62.14 billion rupees in the previous year.

Kotak Mahindra Capital, Axis Capital and J.P. Morgan India were among the book running lead managers to the IPO.

($1 = 79.7600 Indian rupees)

(Reporting by Rama Venkat and Nallur Sethuraman in Bengaluru; Editing by Sriraj Kalluvila and Subhranshu Sahu)