Mankind Pharma logo is seen in this illustration taken, May 9, 2023. REUTERS/Dado Ruvic/Illustration


Shardul Amarchand Mangaldas & Co. has advised Indian pharmaceutical company Mankind Pharma on its 43.26-billion-rupees ($527 million) IPO on the Bombay Stock Exchange and National Stock Exchange, with Cyril Amarchand Mangaldas and Sidley Austin acting for the bookrunning lead managers.

Of the selling shareholders, AZB & Partners advised Cairnhill CIEPF and Cairnhill CGPE, while SAM represented Beige Limited and Link Investment Trust.

The IPO ranks as India’s biggest so far in 2023, and is also the largest among Indian pharma companies to go public since Gland Pharma in 2020, Reuters reported. Mankind Pharma makes at-home pregnancy testing kit Prega News, which has an 80 percent market share in the country, as well as Manforce condoms.

The SAM team advising the issuer was led by Prashant Gupta, national head of the firm’s capital markets practice, who was supported by partner Abhiroop Amitava Datta. Gupta also led the SAM team acting for Beige Limited and Link Investment Trust, assisted by partner Abhinav Maker.

The bookrunning lead managers were Kotak Mahindra Capital, Axis Capital, IIFL Securities, Jefferies India, and JP Morgan India. The Sidley team advising them was led by partner Manoj Bhargava.

Meanwhile, the AZB team was led by partners Darshika Kothari, Varoon Chandra, Agnik Bhattacharyya and Prerak Ved.


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