Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Torrent Pharmaceuticals / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/torrent-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:15762:1" rel="noopener">Torrent Pharmaceuticals (TRP IN)</a> continues to report double-digit revenue growth from India business. Leadership positioning in chronic therapeutic areas underpinned by Curatio acquisition is driving the domestic business.</li>
<li>The company expects the India business to continue its growth momentum, backed by new launch, top brand performance, increase in field force productivity, and continued performance of Curatio portfolio.</li>
<li>The U.S. business also witnessed revival in FY23 after a downturn in FY22, which should provide impetus to the company’s bottom line to a great extent.</li>
</ul>



Torrent Pharmaceuticals (TRP IN) continues to report double-digit revenue growth from India business. Leadership positioning in chronic therapeutic areas underpinned by Curatio acquisition is driving the domestic business.
The company expects the India business to continue its growth momentum, backed by new launch, top brand performance, increase in field force productivity, and continued performance of Curatio portfolio.
The U.S. business also witnessed revival in FY23 after a downturn in FY22, which should provide impetus to the company’s bottom line to a great extent.


Torrent Pharmaceuticals (TRP IN): Strong Domestic Foothold; US Business Reviving

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma (6596876Z IN)</a>, a pharmaceutical company, is seeking to raise up to Rs43.3 billion (US$527 million) at Rs1,026-1,080 per share. The public offer runs from 25-27 April.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/mankind-pharma-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:99882" rel="noopener">Mankind Pharma IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/mankind-pharma-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:99946" rel="noopener">Mankind Pharma IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/mankind-pharma-ipo-updates-warrant-caution" target="_blank" data-smartkarma-citation="insights:100442" rel="noopener">Mankind Pharma IPO: Updates Warrant Caution</a>. </li>
<li>Our valuation analysis suggests that Mankind Pharma is fully valued at the IPO price range. Therefore, we are inclined to pass on this IPO. </li>
</ul>



Mankind Pharma (6596876Z IN), a pharmaceutical company, is seeking to raise up to Rs43.3 billion (US$527 million) at Rs1,026-1,080 per share. The public offer runs from 25-27 April.
We previously discussed the IPO in Mankind Pharma IPO: The Bull Case, Mankind Pharma IPO: The Bear Case and Mankind Pharma IPO: Updates Warrant Caution. 
Our valuation analysis suggests that Mankind Pharma is fully valued at the IPO price range. Therefore, we are inclined to pass on this IPO. 


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<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma (6596876Z IN)</a> IPO will open for public subscription on April 24 and close on April 27. The shares are expected to be listed on May 9.  </li>
<li>The company has set IPO price band of INR1,026 –1,080 per share, valuing the company at INR433 billion at the top of the price band.</li>
<li>The IPO price band implies P/E of 30.9x at the lower band and 32.6x at the upper band. This is pricier than other India focused pharmaceutical companies.</li>
</ul>



Mankind Pharma (6596876Z IN) IPO will open for public subscription on April 24 and close on April 27. The shares are expected to be listed on May 9.  
The company has set IPO price band of INR1,026 –1,080 per share, valuing the company at INR433 billion at the top of the price band.
The IPO price band implies P/E of 30.9x at the lower band and 32.6x at the upper band. This is pricier than other India focused pharmaceutical companies.


Mankind Pharma (6596876Z IN) IPO:  Pricey Valuation Limits Upside Potential

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma (6596876Z IN)</a>, a pharmaceutical company, is seeking to raise up to Rs43.3 billion (US$527 million) at Rs1,026-1,080 per share. The public offer runs from 25-27 April.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/mankind-pharma-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:99882" rel="noopener">Mankind Pharma IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/mankind-pharma-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:99946" rel="noopener">Mankind Pharma IPO: The Bear Case</a>. </li>
<li>The 9MFY23 (nine months to December) disclosure showcases a slowdown in growth, market share losses, margin pressure and declining RoCE. We are cautious about the IPO. </li>
</ul>



Mankind Pharma (6596876Z IN), a pharmaceutical company, is seeking to raise up to Rs43.3 billion (US$527 million) at Rs1,026-1,080 per share. The public offer runs from 25-27 April.
We previously discussed the IPO in Mankind Pharma IPO: The Bull Case and Mankind Pharma IPO: The Bear Case. 
The 9MFY23 (nine months to December) disclosure showcases a slowdown in growth, market share losses, margin pressure and declining RoCE. We are cautious about the IPO. 


Mankind Pharma IPO: Updates Warrant Caution

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

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<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a> (MP) is looking to raise up to US$527m in its upcoming India IPO.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products</li>
<li>We have looked at various aspects of the deal in our earlier notes. In this note, we talk about the implied valuations.</li>
</ul>



Mankind Pharma (MP) is looking to raise up to US$527m in its upcoming India IPO.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products
We have looked at various aspects of the deal in our earlier notes. In this note, we talk about the implied valuations.


Mankind Pharma IPO - Quality Name but Might Not Have a Whole Lot of Upside

India

Cipla Limited manufactures and sells pharmaceutical and personal care products. The Company offers active pharmaceutical ingredients, and formulations in therapeutic areas, such as allergy, analgesic, anti malarial, anti-infectives, cardiology, dermatology and cosmeceuticals, diabetology, gastroenterology, steroids, iron chelators, nutritional products.

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Cipla Ltd (CIPLA IN)

Torrent Pharmaceuticals (TRP IN): Strong Domestic Foothold; US Business Reviving

During 9M FY23, Torrent’s India business revenue grew 15% YoY to INR37B. Despite high-single-digit price erosion, the US business also witnessed...

Tina Banerjee

Mankind Pharma IPO: Valuation Insights

Our valuation analysis suggests that Mankind Pharma is fully valued at the IPO price range. Therefore, we are inclined to pass on this IPO.

Arun George

Mankind Pharma (6596876Z IN) IPO: Pricey Valuation Limits Upside Potential

Mankind Pharma has set IPO price band of INR1,026 –1,080 per share. The IPO price band implies P/E of 30.9x at the lower band and 32.6x at the...

Tina Banerjee

Mankind Pharma IPO: Updates Warrant Caution

The 9MFY23 (nine months to December) disclosure showcases a slowdown in growth, market share losses, margin pressure and declining RoCE. We are...

Arun George

Mankind Pharma IPO - Quality Name but Might Not Have a Whole Lot of Upside

Mankind Pharma (MP) is looking to raise up to US$527m in its upcoming India IPO. In this note, we talk about the implied valuations.

Sumeet Singh

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