On May 9, Mankind Pharma’s shares made a strong debut, with the stock listing at Rs 1300 on the NSE and the BSE, a 20% premium to the issue price of Rs 1,080 per share.

The price band for the initial public offering (IPO) of 2023 was Rs 1,026 to Rs 1,080 a share.

The Rs 4,326 crore IPO was considered the biggest by a domestic drug manufacturer since Gland Pharma launched its Rs 6,480 crore issue in 2020 and the biggest so far in 2023.

Mankind Pharma delivers pharmaceuticals and several consumer healthcare products. The IPO, being a complete Offer for Sale (OFS), was fully priced with a P/E valuation of 30 times, said Anubhuti Mishra, an Equity Research Analyst at Swastika Investment.

Before listing on exchanges, “the stock traded at a premium of Rs 105 (9.72%) in the grey market, seeing an increase, particularly after the share allotment on May 3, 2023. The success of the listing would depend on the aggregate market sentiment.