Mankind Pharma IPO Day 2- Issue subscribed 87%; QIBs, NIIs overbid for their portion
时间:2024-06-26 10:43:58 阅读(143)
Mankind Pharma IPO opened for subscription on 25 April and the issue has been booked 0.87 times on day 2, with total bids of 2,45,19,352 shares. Qualified institutional buyers (QIBs) subscribed for 186% of their reserved portion, demonstrating high interest in the issue. Retail investors bid only 0.25 times of the shares reserved for RIIs. The NII portion garnered 102% bids so far. The IPO closes for subscription on Thursday, 27 April.
Mankind Pharma shares’ GMP fell to Rs 30 on Wednesday, compared to Rs 92 per equity share on Monday. The GMP indicated the shares are valued 2.78% over the upper end of the share price on offer. The price band for its public issue at Rs 1,026-1,080 per equity share of face value Re 1 each. At the upper end of the price band, the company’s promoters and shareholders seek to raise Rs 4,326.35 crore from the IPO.
“At the upper price band of Rs 1,080, MPL is available at a P/E of 30x (FY22), which appears reasonably priced compared to peers. Considering under-penetration of healthcare services and lower consumer expenditure in healthcare in India, MPL’s focus on chronic therapeutic areas, emphasis on increasing penetration in metro and Class I cities, growth in consumer healthcare business, good financial performance and strong distribution network, we assign a “Subscribe” rating on a long term basis,” said Geojit Financial Services, recommending investors subscribe to the issue.
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However, he believes that the impact on the Indian market is going to be temporary since there could be some short-term impact on flows into Indian equity markets. But since the Indian economy is on a strong wicket and will continue to remain resilient.
“Improved fiscal situation, controlled current deficit, stable interest scenario combined with good corporate earnings should lead to limited impact on the Indian bond market and equity market too,” he added.
The midcap and smallcap indices took a bigger knock with the BSE MidCap fell 2.51%, while BSE SmallCap index dived 4.18%. According to Amnish Aggarwal, head, research, Prabhudas Lilladher, the valuations were already high and some correction was expected. “If the situation sustains as it is then further correction can’t be ruled out,” Aggarwal said.
Telecommunication and industrials indices were the top laggards with BSE Telecommunication declining 3.82%, followed by BSE Industrials falling 3.26%. JSW Steel (-2.99%), Tata Steel (-2.52%) and Tata Consultancy Services (-2.44%) were the top losers of Sensex.
Surprisingly, both foreign portfolio investors and domestic institutional investors were net buyers today. While, FPIs net bought shares worth Rs 252.25 crore, DIIs have purchased shares worth Rs 1,111.84 crore, as per provisional data from exchanges.
Calling this a “normal phenomena” Pankaj Pandey, head, research, ICICI Direct said, “I will not really give too much weight to a single day buying figure. Amid concerns of elevated interest rate and geopolitical tensions, in a typical market cycle, 8-10% correction is possible at any point in time.”
The brunt of geopolitical conflict, elevated interest rates and rising crude oil prices was also felt by other Asian- Pacific markets. Jakarta Composite Index lost 1.57% followed by Shanghai Composite Index and PSEi, which fell 1.47% and 0.89%, respectively. Nikkei and KOSPI declined 0.83% and 0.76%.