New Delhi, Apr 27 (PTI) The initial share sale of Mankind Pharma received 15.32 times subscription on the last day of offer on Thursday, helped by a huge interest from institutional buyers.

The IPO received bids for 42,95,12,902 shares against 2,80,41,192 shares on offer, according to NSE data.

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The portion for Qualified Institutional Buyers (QIBs) was subscribed 49.16 times, while non institutional investors category received 3.80 times subscription and Retail Individual Investors (RIIs) 92 per cent.

The company's IPO was entirely an Offer for Sale (OFS) of 4,00,58,844 equity shares by promoters and other existing shareholders.

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Price range for the offer was at Rs 1,026-1,080 a share.

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.

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.

The equity shares of the company will be listed on both BSE and NSE.

Kotak Mahindra Capital Company, Axis Capital, IIFL Securities, Jefferies India and J P Morgan India were the managers to the offer.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)