Mankind’s stock rises by 32%, reaching the highest point since Zomato’s debut.

Mankind Pharma, a leading Indian pharmaceutical company, saw a strong debut on the stock market on Monday, with its stock surging 32% on its first day of trading. While retail interest in the IPO was muted, strong institutional demand led to the strong performance of the stock.

The company’s Rs 4,337-crore IPO is the largest in India since supply chain firm Delhivery raised Rs 5,235 crore in May 2022. The IPO was oversubscribed 2.92 times, with strong demand from institutional investors.

The stock opened at Rs 559 on the National Stock Exchange (NSE), up 28% from its issue price of Rs 436 per share. It then rose to an intra-day high of Rs 579.10 before closing at Rs 536.55, up 23% from its IPO price. The stock also traded on the Bombay Stock Exchange (BSE), where it closed at Rs 536.10, up 23% from its IPO price.

Mankind Pharma’s IPO consisted of a fresh issue of shares worth Rs 1,250 crore and an offer for sale (OFS) of up to 3.32 crore shares by the company’s promoters and other shareholders. The IPO was priced at a discount to its listed peers, which analysts believe helped attract strong demand from institutional investors.

Mankind Pharma is a homegrown pharmaceutical company that specializes in manufacturing and marketing affordable and high-quality generic medicines. The company has a strong presence in India and exports its products to more than 34 countries around the world.

The success of Mankind Pharma’s IPO is also a positive development for the Indian pharmaceutical industry, which is one of the country’s most important sectors. The industry has been growing at a rapid pace in recent years, driven by factors such as increasing healthcare spending, rising demand for generic medicines, and growing exports.

The strong demand for Mankind Pharma’s shares is a testament to the company’s strong financial performance and growth prospects. The company has a robust pipeline of products under development and has been investing in research and development to expand its product portfolio.

The success of Mankind Pharma’s IPO is also a positive sign for the Indian IPO market, which has seen a slowdown in recent months. Many companies have been hesitant to go public due to market volatility and uncertainty, but the strong performance of Mankind Pharma’s IPO could encourage other companies to consider listing.

The strong performance of Mankind Pharma’s stock on its debut is a positive sign for the Indian stock market, which has been struggling to attract new listings in recent months. The success of the IPO could encourage other companies to consider listing on the stock market, which could help boost investor confidence and drive economic growth.

The success of Mankind Pharma’s IPO is also a testament to the strength of the Indian pharmaceutical industry, which has been growing at a rapid pace in recent years. The industry is expected to continue growing in the coming years, driven by factors such as an aging population, increasing healthcare spending, and a growing demand for affordable and high-quality medicines.

Mankind Pharma’s strong debut on the stock market is also a positive sign for the Indian economy, which has been struggling to recover from the impact of the COVID-19 pandemic. The successful IPO could help boost investor confidence and drive economic growth, which is much needed at this time.

In conclusion, the strong performance of Mankind Pharma’s stock on its debut is a positive sign for the Indian stock market and the country’s pharmaceutical industry. The success of the IPO could encourage other companies to consider listing on the stock market, which could help boost investor confidence and drive economic growth. The strong institutional demand for the IPO also highlights the growing interest of global investors in the Indian market. Overall, the success of Mankind Pharma’s IPO is a positive development for the Indian economy and the stock market.