IPO

Nexus select trust Reit portfolio includes 17 best Grade A urban consumption centers which are strategically located across 14 major cities such as Delhi, Navi Mumbai, Bengaluru, Pune, Hyderabad and Chennai.

Nexus REIT has renowned sponsor (Blackstone Real estate fund with global real estate AUM of US$326 billion spread across 1,475 msf of leasable area with global expertise and local knowledge (15 years operating experience in India).

Blackstone group backed Nexus Select Trust (Nexus), an owner of India’s largest mall assets is coming up with a REIT (real estate investment trust) issue to raise Rs. 3,200cr, which opens on 9th May and closes on 11th May 2023. The price band is Rs. 95 - 100 per unit.

The company portfolio has a total 17 best-in-class grade A urban consumption centres
(out of the total 100 grade A assets in India with 90% occupancy) with a total leasable area of 9.2 mn sq ft (adjusted for share of economic interest), 2 complementary hotel assets (354 keys) and 3 office assets (1.3 mn sq ft) as of December 31, 2022.

Incorporated in 1991, Mankind Pharma Limited is a pharmaceutical company which is engaged in developing, manufacturing and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.

Considering the TTM (Dec-22) /FY23 Annualized EPS of Rs 29.61/33.16 on a post-issue basis, the company is going to list at a P/E of 36.47/32.57x with a market cap of Rs. 4,32,636 mn. whereas its peers namely Sun Pharmaceuticals, Cipla, Alkem Lab and Torrent Pharmaceutical are trading at a P/E of 29.43x, 27.45x, 39.24x, 43.65x.

IPO NOTE

Mankind is the fourth largest player in the domestic market with a presence across therapy areas like anti-infectives, cardiac, gastro, respiratory and also in consumer healthcare segments like condoms, acne preparations, emergency contraceptives, pregnancy tests among others.