Secondary Market Update:

  • The equity markets started to gain strength with Nifty and Sensex gaining by 2.47% and 2.60% respectively over the previous month.
  • The significant surge in the market was on the back of a strong fundamental performance and a pause in policy rate hikes. Foreign portfolio investors (FPIs) infused Rs 43,838 Crore into domestic equities in May. This was against Rs 11,631 Crore in flows in April. May inflow was highest since August 2022 Rs 51,204 Crores. FIIs stayed as net buyers in May.
  • However, the broader market declined and underperformed the larger peers; the S&P BSE Midcap Index was down 0.03%, whereas S&P BSE Small Cap Index was lower by 0.11%.
  • ITC Ltd., Infosys Ltd., HDFC Bank Ltd., Hindustan Unilever Ltd., and Larsen and Toubro Ltd. were positively contributing to the change in the Nifty 50 Index. Whereas, TCS Ltd., Adani Enterprises Ltd., Maruti Suzuki India Ltd., Cipla Ltd., and Grasim Industries Ltd. were negatively adding to the change.

Primary Market Update:

There was 1 main board IPO in May, 2023 of Mankind Pharma Limited against 2 main board IPOs in April, 2023. However there were 2 SME IPOs in May, 2023 as against 3 SME IPOs in April, 2023.

Mankind Pharma Limited


Incorporated in 1991, Mankind is India’s fourth largest pharmaceutical company in terms of domestic sales and is engaged in developing, and manufacturing a diverse range of pharmaceutical formulations.

Funds Utilization

The IPO is pure offer for sale by the selling shareholders. Objective of the IPO is to get benefits of listing of shares on the stock exchange. Entire proceeds of the IPO will go to selling shareholders.

IPO Performance

The IPO size was of Rs. 4326 Crores with a fixed price band of Rs. 1026-1080.  The IPO is purely OFS where shareholders will offload a total of 40,058,844 equity shares. IPO saw sufficient demand and was over-subscribed 49.16 times by QIBs. The IPO was overall oversubscribed 15.32 times. The IPO performed well and opened at 20% premium on listing.


Funds Mobilization by Corporates (In Crore Rs.)


March – 23

April – 23

I. Equity Issues



a. IPOs (i+ii)



  i. Main Board



  ii. SME Platform



b. FPOs



c. Equity Rights Issues



d. QIPs/IPPs



e. Preferential Allotments



II. Debt Issues



a. Debt Public Issues



b. Private Placement of Debt



Total Funds Mobilized (I+II)




RBI Bulletin (, SEBI (, NSE (, BSE (


This material has been prepared by the personnel in Vora Corporate Finance which is Investment Banking arm of Vora Management Consultancy Private Limited and looks after Mergers & Acquisitions (M&A), Private Equity (PE), Fund Raising, Debt syndication and Valuations and is based out of Ahmedabad, Gujarat, India. Any views or opinions expressed herein are solely that of individual authors and may differ from view of Vora Management Consultancy Private Limited. This material is proprietary to Vora Management Consultancy Private Limited and is for your personal use only. Any distribution, copy, reprints or forward to others is strictly prohibited.

This material captures the information based on information available in the public domain, public announcements and sources believed to be reliable. Analysis contained herein is based on publicly available information and appropriate assumptions. This material is intended merely to highlight market developments and is not intended to be comprehensive and does not constitute strategic, investment, legal or tax advice. In no event Vora Management Consultancy Private Limited be liable for any use by any party or for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, the information contained herein and such information may not be relied upon by you for evaluating any transaction. 

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