Private Equity Funds Set to Trim Stake in Mankind Pharma via Block Deal

A trio of private equity giants, namely Chrys Capital, Capital Group, and Everbridge Partners, are reportedly gearing up to divest a stake in Mankind Pharma, estimated to be at least $592 million, through a block deal, according to industry insiders. The combined stake for sale stands at 6.9%, with an option to increase to 7.9% based on the upsize. Investment banks Kotak Mahindra Capital and IIFL Capital are said to be advising on this substantial deal. The floor price is set at Rs 1785.65 per share, offering a seven percent discount to Mankind Pharma’s recent closing price of Rs 1920.05 per share on December 11. The stock has seen a robust 30% surge in the last six months, following its noteworthy IPO debut on May 9, raising Rs 4,326 crore, making it one of the largest IPOs by a domestic pharmaceutical company since 2020. As this strategic move unfolds, market watchers anticipate the ripple effects on both the pharmaceutical and investment landscapes.