The initial share sale of Mankind Pharma was subscribed 87 per cent on the second day of offer on Wednesday.
The IPO received bids for 2,45,19,352 shares against 2.80 crore shares on offer, according to NSE data.
The category for Qualified Institutional Buyers (QIBs) was subscribed 1.86 times, Non Institutional Investors portion received 1.02 times subscription and Retail Individual Investors (25 per cent).
The company's IPO is entirely an Offer For Sale (OFS) of 4,00,58,844 equity shares by promoters and other existing shareholders.
Those selling shares in the OFS are promoters Ramesh Juneja, Rajeev Juneja and Sheetal Arora. Besides, Cairnhill CIPEF, Cairnhill CGPE, Beige Limited, and Link Investment Trust will participate in the OFS.
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Since the IPO is completely an OFS, the company will not receive any net proceeds from the issue and the entire net proceeds will go to the selling shareholders.
The company has fixed a price band of Rs 1,026-1,080 per share. At the upper end of the price band, the IPO size is estimated at Rs 4,326 crore.
Mankind Pharma is engaged in developing, manufacturing and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
Kotak Mahindra Capital Company, Axis Capital, IIFL Securities, Jefferies India and JP Morgan India are the book-running lead managers to the issue.
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The equity shares of the company will be listed on May 9 on both the bourses --BSE and NSE.
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