IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma (6596876Z IN)</a>, a pharmaceutical company, is seeking to raise up to Rs43.3 billion (US$527 million) at Rs1,026-1,080 per share. The public offer runs from 25-27 April.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/mankind-pharma-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:99882" rel="noopener">Mankind Pharma IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/mankind-pharma-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:99946" rel="noopener">Mankind Pharma IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/mankind-pharma-ipo-updates-warrant-caution" target="_blank" data-smartkarma-citation="insights:100442" rel="noopener">Mankind Pharma IPO: Updates Warrant Caution</a>. </li>
<li>Our valuation analysis suggests that Mankind Pharma is fully valued at the IPO price range. Therefore, we are inclined to pass on this IPO. </li>
</ul>



Mankind Pharma (6596876Z IN), a pharmaceutical company, is seeking to raise up to Rs43.3 billion (US$527 million) at Rs1,026-1,080 per share. The public offer runs from 25-27 April.
We previously discussed the IPO in Mankind Pharma IPO: The Bull Case, Mankind Pharma IPO: The Bear Case and Mankind Pharma IPO: Updates Warrant Caution. 
Our valuation analysis suggests that Mankind Pharma is fully valued at the IPO price range. Therefore, we are inclined to pass on this IPO. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma (6596876Z IN)</a>, a pharmaceutical company, is seeking to raise up to Rs43.3 billion (US$527 million) at Rs1,026-1,080 per share. The public offer runs from 25-27 April.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/mankind-pharma-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:99882" rel="noopener">Mankind Pharma IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/mankind-pharma-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:99946" rel="noopener">Mankind Pharma IPO: The Bear Case</a>. </li>
<li>The 9MFY23 (nine months to December) disclosure showcases a slowdown in growth, market share losses, margin pressure and declining RoCE. We are cautious about the IPO. </li>
</ul>



Mankind Pharma (6596876Z IN), a pharmaceutical company, is seeking to raise up to Rs43.3 billion (US$527 million) at Rs1,026-1,080 per share. The public offer runs from 25-27 April.
We previously discussed the IPO in Mankind Pharma IPO: The Bull Case and Mankind Pharma IPO: The Bear Case. 
The 9MFY23 (nine months to December) disclosure showcases a slowdown in growth, market share losses, margin pressure and declining RoCE. We are cautious about the IPO. 


Mankind Pharma IPO: Updates Warrant Caution

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a> is looking to raise around US$1bn in its upcoming India IPO.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>We have looked at the company background and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.</li>
</ul>



Mankind Pharma is looking to raise around US$1bn in its upcoming India IPO.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
We have looked at the company background and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.


Mankind Pharma Pre-IPO - Thoughts on Valuations

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma (6596876Z IN)</a>, India’s fourth largest pharmaceutical company, has filed DRHP for INR55B IPO, which is comprised of an OFS of 40M shares by promoters and existing investors.  </li>
<li>Mankind has 36 pharma brands that have each achieved annual revenue of more than INR500M. 18 of its brands are among 300 top selling brands of the Indian pharma market.</li>
<li>During FY20–22, domestic sales of Mankind had a CAGR of ~16%, which is ~1.5 times that of the Indian pharma market, which grew at a CAGR of ~11%.</li>
</ul>



Mankind Pharma (6596876Z IN), India’s fourth largest pharmaceutical company, has filed DRHP for INR55B IPO, which is comprised of an OFS of 40M shares by promoters and existing investors.  
Mankind has 36 pharma brands that have each achieved annual revenue of more than INR500M. 18 of its brands are among 300 top selling brands of the Indian pharma market.
During FY20–22, domestic sales of Mankind had a CAGR of ~16%, which is ~1.5 times that of the Indian pharma market, which grew at a CAGR of ~11%.


Mankind Pharma (6596876Z IN) Pre-IPO: Solid India-Centric Growth Story Fueled by Marquee Brands

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week In Event SPACE: FamilyMart, Sina, Line Corp, Metlifecare, Accordia Golf, Jingjeng, O-Net

India

J.B. Chemicals & Pharmaceuticals Ltd. manufactures pharmaceuticals, chemicals and agro-based products. The Group's products include metrogyl, rantac (a ranitidine-based formula), and nicardia, a cardiac care medicine. The Company has an agreement with Justesa Imagen, to manufacture and market diagnostics under the "Trazograf" brand name.

J.B. Chemicals & Pharmaceuticals (JBCP IN)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

J.B. Chemicals & Pharmaceuticals (JBCP IN)

Mankind Pharma IPO: Valuation Insights

Our valuation analysis suggests that Mankind Pharma is fully valued at the IPO price range. Therefore, we are inclined to pass on this IPO.

Arun George

Mankind Pharma IPO: Updates Warrant Caution

The 9MFY23 (nine months to December) disclosure showcases a slowdown in growth, market share losses, margin pressure and declining RoCE. We are...

Arun George

Mankind Pharma Pre-IPO - Thoughts on Valuations

Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO. In this note, we will talk about valuations.

Sumeet Singh

Mankind Pharma (6596876Z IN) Pre-IPO: Solid India-Centric Growth Story Fueled by Marquee Brands

Mankind Pharma has filed for INR55B IPO, which can be the second largest among Indian healthcare companies. Strong brand positioning is the key...

Tina Banerjee

Last Week In Event SPACE: FamilyMart, Sina, Line Corp, Metlifecare, Accordia Golf, Jingjeng, O-Net

Last Week in Event SPACE ... Interestingly, the impact of FamilyMart Co Ltd (8028 JP)'s shareholder dynamic on price may not be what "smart"...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)