India's next healthcare opportunity may not be in the metros
The Rs 4,326 crore Mankind Pharma IPO of 2023 was not just another pharmaceutical listing. It was a referendum on a simple but powerful idea: India's growth story lives in its small cities.
By focusing on Tier-2 and Tier-3 markets, building deep relationships with general practitioners, maintaining affordable pricing, and creating strong consumer trust, Mankind built one of the country's most successful healthcare franchises. The company entered the public markets with revenue of approximately Rs 8,749 crore and earnings before interest, taxes, depreciation, and amortisation (EBITDA) of roughly Rs 1,913 crore.
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