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Mankind Pharma shares further climb after strong debut. Buy, book profit or hold?
Mankind Pharma IPO: Manforce and Prega News maker company had offered its public issue at ₹1026 to ₹1080 per equity share. Photo: Courtesy Mankind Pharma website
Mankind Pharma share price opened on BSE and NSE at ₹1,300 per share
Mankind Pharma share price made a strong debut on Dalal Street as the issue opened on BSE at ₹1,300 per equity share, ₹280 per share or more than 20 per cent higher from the Mankind Pharma IPO price of ₹1,026 to ₹1,080 per equity share. Within few minutes of debut, Mankind Pharma shares went further up and hit intraday high of ₹1,325 on BSE.
On NSE, Mankind Pharma share price opened at ₹1,300 apiece and went on to hit intraday high of ₹1,327 per share levels within few minutes of listing on Dalal Street bourses.
Speaking on Mankind Pharma IPO listing, an Analyst said, “Mankind Pharma, the biggest IPO of 2023 made its debut in the market at a listing price of ₹1300. The company’s issue price at the upper band was ₹1080, hence it got listed with a profit of around ₹220 (20 per cent). Mankind Pharma is a well-known and established pharmaceutical company that offers pharmaceuticals as well as several consumer healthcare products. The company has strong fundamentals and it is already attracting outperforming ratings from global brokerage Macuarie.”
Hold or book profit?
On whether one should further hold the stock or book profit, Ravi Singhal, CEO at GCL Broking said, “One should hold the scrip with stop loss at ₹1,200 apiece levels for near term target of ₹1,440.”
For those who missed to get Mankind Pharma shares during allotment, it is said, “One should buy the stock at around ₹1,240 to ₹1,250 levels for ₹1,440 apiece target maintaining stop loss at ₹1,200 levels.” On whether one should book profit or hold the stock for more gains, he said, “Investors who applied for listing gains may either choose to exit or hold it with a stop loss at the issue price i.e. ₹1,080 apiece levels.”
Expecting more upside in Mankind Pharma shares, analyst said, “Mankind Pharma received good response from its anchor clients given its domestic focused business with strong brand recall in both chronic and consumer healthcare segment. Given its healthy financial track record, domestic focus and extensive network, Mankind is likely to continue doing well.”
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