India’s biggest condom maker lifts dreary IPO market

India’s biggest condom maker has raised Rs43.3bn ($529mn) in the country’s largest listing this year, as sovereign wealth funds Abu Dhabi Investment Authority and Singapore’s GIC led a rush to buy one of the country’s most widely known pharmaceutical brands.

Mankind Pharma will float on the Mumbai stock exchange next month after its offer to investors received 15 times as many bids as there were shares available by the end of Thursday.