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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a> is looking to raise around US$1bn 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 the company background and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.</li>
</ul>



Mankind Pharma is looking to raise around US$1bn 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 the company background and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.


Mankind Pharma Pre-IPO - Thoughts on Valuations

Global Healthcare Analyst

Tina Banerjee

<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>, India’s fourth largest pharmaceutical company, has filed DRHP for INR55B IPO, which is comprised of an OFS of 40M shares by promoters and existing investors.  </li>
<li>Mankind has 36 pharma brands that have each achieved annual revenue of more than INR500M. 18 of its brands are among 300 top selling brands of the Indian pharma market.</li>
<li>During FY20–22, domestic sales of Mankind had a CAGR of ~16%, which is ~1.5 times that of the Indian pharma market, which grew at a CAGR of ~11%.</li>
</ul>



Mankind Pharma (6596876Z IN), India’s fourth largest pharmaceutical company, has filed DRHP for INR55B IPO, which is comprised of an OFS of 40M shares by promoters and existing investors.  
Mankind has 36 pharma brands that have each achieved annual revenue of more than INR500M. 18 of its brands are among 300 top selling brands of the Indian pharma market.
During FY20–22, domestic sales of Mankind had a CAGR of ~16%, which is ~1.5 times that of the Indian pharma market, which grew at a CAGR of ~11%.


Mankind Pharma (6596876Z IN) Pre-IPO: Solid India-Centric Growth Story Fueled by Marquee Brands

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>We met with the management of IPCA recently to understand its business outlook.</li><li>Domestic formulation (DF) is the key driver of its sales growth, fueled by market outperformance in pain/dermatology/urology and supported by higher MR base.</li><li>Notwithstanding the near-term hiccups in API segment, IPCA is building levers to almost double its API exports by FY27E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We met with the management of IPCA recently to understand its business outlook.Domestic formulation (DF) is the key driver of its sales growth, fueled by market outperformance in pain/dermatology/urology and supported by higher MR base.Notwithstanding the near-term hiccups in API segment, IPCA is building levers to almost double its API exports by FY27E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IPCA Laboratories - Progressing Steadily to Reclaim the Growth Path

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Ipca is a fully integrated pharma company manufacturing over 350 formulations and 80 APIs with exports contributing 50% of revenues in FY21.</li><li>Major therapeutic segments include pain management, cardiovascular and anti-diabetics, anti-infectives, anti-malarials, which together account for 75% of revenues</li><li>Revenue break-up FY22 – Formulations:69% (domestic:43%, export:26% - export generic: 13%, export institutional:5%, export branded: 7%), API: 23% (export API: 17%, domestic API: 6%), subsidiaries: 7%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ipca is a fully integrated pharma company manufacturing over 350 formulations and 80 APIs with exports contributing 50% of revenues in FY21.Major therapeutic segments include pain management, cardiovascular and anti-diabetics, anti-infectives, anti-malarials, which together account for 75% of revenuesRevenue break-up FY22 – Formulations:69% (domestic:43%, export:26% - export generic: 13%, export institutional:5%, export branded: 7%), API: 23% (export API: 17%, domestic API: 6%), subsidiaries: 7%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ipca Laboratories - Domestic Business Stable but Exports Volatile…

Ipca Laboratories - Domestic Business Stable but Exports Volatile

India

Ipca Laboratories Limited operates a pharmaceutical company, which distributes products to over 75 countries worldwide.  The Group's products include finished dosage forms, drug delivery systems, bulk drugs and intermediates.

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Ipca Laboratories (IPCA IN)

Mankind Pharma Pre-IPO - Thoughts on Valuations

Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO. In this note, we will talk about valuations.

Sumeet Singh

Mankind Pharma (6596876Z IN) Pre-IPO: Solid India-Centric Growth Story Fueled by Marquee Brands

Mankind Pharma has filed for INR55B IPO, which can be the second largest among Indian healthcare companies. Strong brand positioning is the key...

Tina Banerjee

IPCA Laboratories - Progressing Steadily to Reclaim the Growth Path

Domestic formulation (DF) is the key driver of its sales growth, fueled by market outperformance in pain/dermatology/urology and supported by...

Motilal Oswal

Ipca Laboratories - Domestic Business Stable but Exports Volatile…

pca is a fully integrated pharma company manufacturing over 350 formulations and 80 APIs with exports contributing 50% of revenues in FY21.

ICICI Securities Limited

Ipca Laboratories - Domestic Business Stable but Exports Volatile

Ipca is a fully integrated pharma company manufacturing over 350 formulations and 80 APIs with exports contributing 50% of revenues in FY21.

ICICI Securities Limited

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