In the proposed sale offer, existing investors ChrysCapital will sell approximately 1% of the capital, Capital International will sell an additional 6% while family promoter Juneja will sell 3%. The offer will value the company at around $8-9 billion (₹61,000 crore), the people quoted above said. The ChrysCapital-backed consortium of Singapore’s GIC and CPP Investments owns 10% of Mankind, while Capital International holds another 11% stake.
A ChrysCapital spokesperson declined to comment. Ramesh Juneja, chairman and founder of Mankind Pharma, did not respond to questions.
Humanity’s leading over-the-counter brands include Prega News pregnancy test kit, Unwanted-21 emergency contraception, AcneStar antibacterial gel, Ringout antifungal powder, Gas-O-Fast, Kaloree artificial sweetener 1, Heal-O -Gentle Anti-Bacterial Ointment, Adiction Deodarant and KabzEnd.
The business recorded revenue of around ₹8,000 crore and Ebitda of ₹2,200 crore in FY21.
This will be one of the largest IPOs by a domestic drugmaker after Gland Pharma’s ₹6,480 crore IPO in 2020. Macleods Pharmaceuticals has also filed for a ₹5,000 crore raise by through an initial public offering (IPO), while Pune Pharma-based Emcure is launching a ₹4,500 crore IPO.
Founded in 1995 by brothers Ramesh and Rajeev Juneja, Mankind operates in 34 overseas markets with 14,000 employees. It focuses on the cardiovascular, antibiotic, gastrointestinal, anti-allergic, antifungal, orthopedic and gynecological segments.
Its main prescription drugs include Amlokind and Telmikind antihypertensive tablets, Cefakind and Moxikind-CV antibiotic tablets, Nurokind vitamin tablet, Rabekind anti-ulcer tablet and Zenflox antibacterial tablet.
Humanity recently expanded its national footprint by acquiring Panacea Biotec’s formulation brands for India and Nepal for Rs 1,872 crore, helping it to enter new therapeutic areas – oncology and transplants.
Capital International entered Mankind in 2015 by acquiring the 11% stake held by ChrysCapital for $200 million. ChrysCapital made a comeback in 2018, leading the consortium that included Singapore’s Government Investment Corporation and Canada’s CPP Investments, buying a 10% stake for around $350 million, valuing the company at $3.5 billion. of dollars.
Several private equity-backed pharmaceutical companies have entered the IPO market in the recent past, allowing investors to exit.
Major pharmaceutical and healthcare IPOs to hit the market include Eris Lifesciences which raised Rs 1,740 crore, Glenmark LifeSciences (Rs 1,500 crore), Alkem Labs (Rs 1,350 crore) and Laurus Labs (Rs 1,330 crore).