Mankind Pharma Limited IPO

Mankind Pharma is India’s fourth largest pharmaceutical company in terms of domestic sales and third largest in terms of sales volume for MAT December 2022, according to its red herring prospectus. The company is engaged in developing, manufacturing and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas including anti-infectives, cardiovascular,
gastrointestinal, anti-diabetic, neuro/CNS, vitamins/minerals/nutrients and respiratory, as well as several consumer healthcare products.

The company said it has created 36 brands in their pharmaceutical business and each brand has achieved over Rs 500 million in domestic sales for MAT December 2022. The company’s highest selling brands are as follows: Manforce(Rx), Moxikind-CV, Dydroboon, Unwanted-kit, PregaNews, Amlokind-AT, Candiforce, Gudcef, Glimestar-M, Codistar, Nurokind-Gold, Nurokind-LC, Nurokindplus-RF, Telmikind-H, Cefakind, Telmikind, Unwanted-72, Vomikind, Monticope, and Telmikind-AM.

The pharmaceutical company has pan-India marketing presence, with a field force of 11,691 medical representatives and 3,561 field managers, as of December 31, 2022. The company has established a significant distribution network in India and, during the nine months ended December 31, 2022, it has sold their products to over 12,000 stockists and engaged with 75 clearing and forwarding (“C&F”) agents. The pharma firm has one of the largest distribution networks of medical representatives in the Indian pharmaceutical market (“IPM”) and over 80% of doctors in India has prescribed their formulations.

The company operates 25 manufacturing facilities across India, in Himachal Pradesh, Sikkim, Rajasthan, Andhra Pradesh, Maharashtra and Uttarakhand, and had 4,121 manufacturing personnel as of December 31, 2022. The company’s formulations manufacturing facilities have a total installed capacity of 42.05 billion units per annum across a wide range of dosage forms, including tablets, capsules, syrups, vials, ampoules, blow fill seal, soft and hard gels, eye drops, creams, contraceptives and other over-the-counter products, as of December 31, 2022.

The company has a dedicated in-house R&D centre with four units located in IMT Manesar, Gurugram, Haryana, and Thane (Maharashtra). Their R&D operations are supported by a team of over 600 scientists, including approximately 40 scientists who hold Ph.Ds. The company had filed one INDA for an anti-diabetic molecule, which is in phase I clinical trials. Additionally, it has two new chemical entity (“NCE”) molecules for autoimmune diseases and non-alcoholic steatohepatitis in pre-clinical stage.