Mankind Pharma Limited IPO Message Board (Page 44)

esi amiro wali scheme he.... :)

if u know u know....

haa meri jaan...

Waah motabhai. Amiro wali scheme h.. Bhai bhai

Avalon tech
Last main board ipo is very bad condition today touch lowest point

@sanchit turn around to hona chahiye

@sanchit.

I am not sure, what will be the right price to average. Just wait n watch. If results will be good then you can try.

bula raha hai per jane ka nahi

Take Decision after 1.00 to 1.30 pm..if QIB n HNI data is good then must apply

What is latest gmp please

33-35

32 last heard, 3%

QIB CROSSED 5X

For anyone looking for confirmed allotment and limited risks -- can apply for retail- 1 or more lots

Yes. In retail good allotment chances even upto 14 lots

Why there is great difference in subscription figures of 2nd day closing and today's opening in CG. Down from top.
2nd day QIB1.86 Today 1.77
2nd day NII 1.02 Today 0.49
2nd day retail 0.25 Today 0.14
Total 2nd day 0.88 Today 0.68.
Why these figures suddenly came down in one night ?
Bit surprising.

@PKRAJ Dear Sir,

Thanks for your kind feedback.
We are working on the issue. It will be resolved soon.

@PKRAJ 
I think in morning BSE data was showing zero in all category. So that may be the explaination

Gmp kept down should increase ... My sources say QIB 60x .... Gmp kept down to avoid retail participation

Premium started from 20/ and reached near 108/, and now near to starting point. Big issue and premium is meager. QIB portion is only for 20% after anchor portion. You are quite optimistic about QIB oversubscription, you may have direct touch to them. But market is not expecting this much.

Perfectly said gmp rose from 33 to 73

GMP down
EE and ArjunRajot also at slow pace
No gyani wala forecast

@ADMIN why subscription showing less then yesterday just

Category      Subscription (times)
QIB      1.77
NII      0.49
bNII (bids above ₹10L)      0.58
sNII (bids below ₹10L)      0.31
Retail      0.14
Total      0.68
Total Application : 219,163 (0.20 times)

Are people withdrawing their Subscriptions ?

@PLAZA Hello Sir,

Thanks for your kind feedback.
We are working on the issue. It will be resolved soon.

@Admin @ Chittorgarh.com 
Please check subscription numbers ad fix it to fresh

Latest gmp. Pls

27 / 28 @ 10

What is GMP at this time???

30-32

31-33

If u can sell in grey than apply, otherwise risk reward is not favorable.

I will skip this IPO

30 seller kal raat 8 baje
Aaj ka pata nhi

Mainboard IPO ka ghoda pichhle saal hi mar chuka hai, with change in NII policy. No use flogging a dead horse. Koi koi dark horse niklega, jise aap dekh nahin payenge. No white horses now.

@arunARUN, my comment is only for those who are looking for listing gains, where as you know pump and dump theory works. And as I have noticed, more than 90% of retailers and HNI don't have capacity to hold about 2 L of allotment in an IPO, they all rush to sell on listing day to save capital for further applications or out of fear of losing big. For long and medium term investors, I agree with you, new policy is definitely better. Thanks for joining discussion.

About Mankind, it may be good for long term, but very very doubtful about listing gains. Big issue, bigger allotments will lead to heavy selling on listing day, dragging the price below the issue price. Will not be surprised to see negative listing. Risk reward on listing day is very unfavorable. Gains, if any, are limited below 5% , but downside can be up to 10% .

Some of key items to watch out for in Mankind as pointed out in Nitin Mangal analysis :

Concerns in the balance sheet Mankind’s balance sheet does not look so kind. The company is plagued with several aspects in the balance sheet that warrants immediate attention. Majority of these concerns pertain to impairment, write offs of several assets including capital advances, investments, inventories etc., indicating poor asset quality. Investments The company took a major impairment worth INR 575 mn in F20 regarding its investments in associates and partnership firms. Moreover, it also took a hit of INR 50 mn in JK print packs in 9MF23.

During F20, the company took an impairment hit worth INR 207.7 mn in ‘brands’ with respect to one of its subsidiary, Mahananda Spa and Resorts Pvt Ltd. The impairment resulted in 100% erosion in brand’s carrying value.

The company has also impaired its goodwill with respect to its subsidiaries, JPR Labs Pvt Ltd in F22 to the tune of INR 38.5 mn. Goodwill value for JPR stands fully eroded.

Total capital advances as at F22 amounted to INR 712.1 mn out of which INR 125.7 mn i.e. 17.6% of the advances have been considered doubtful and hence provided for. Provision for capital advances needs explanation. Similarly, INR 31.8 mn worth of other advances (advances to vendors, advances to employees, other receivables) have been created a provision. This corresponded to 4.3% of the gross amount. Moreover, it should be noted that INR 214.6 mn of these advances have been written-off in F22.

In the last two years especially, Mankind’s inventory has seen significant write offs, where the stock value is adjusted downward to its net realizable value. In F21, inventory write downs amounted to INR 400 mn, however, this has surged sharply to INR 1.2 bn in F22 and INR 1.4 bn in 9MF23. Why are the write downs happening? It certainly rings alarm bells.

Mankind’s ROCE and ROE are on a slippery slope since F20. The company had reported ROCE and ROE 35.9% and 31.8% in F20 respectively, but both have slipped to 16.6% and 14.9% in 9MF23 (not annualized).

The company has also not been regular in depositing statutory dues and the auditor has highlighted that there has been a delay in few cases. This flag was raised for the parent company and seven of its subsidiaries; and in F20 and F21 as well. What’s worth noting is that the callous behavior in depositing statutory dues has attracted needless interest penalties for the group. For F22 itself, the interest on these dues amounted to nearly INR 400 mn, representing nearly 70% of the finance costs.

Two of the subsidiaries caught auditor’s eye as they were using the short term borrowings taken from related parties for long term purposes i.e. capex.
Few of the subsidiaries also witnessed cash losses, and the losses aggregated to nearly INR 110 mn in F22 (F21: INR 90 mn)

Lack of information from relative of the promoters- Is there something hidden?
Churn in directors In the last three years, leading up to the IPO, several directors have resigned/ceased from the board.

Must Apply for Listing Gain, Short term and long term...avoid GMP news... Research well and invest..