BENGALURU, April 19 Reuters Indian pharmaceutical company Mankind Pharma Ltd is seeking a valuation of 432.64 billion rupees 5.27 billion at the upper end of a price band it set for its initial public offering IPO on Wednesday, making it the largest domestic stock launch so far this year.

The company, which makes athome pregnancy testing kit Prega News which have an 80 market share in the country, as well as Manforce condoms, set the price band at 1,026 rupees to 1,080 rupees per share.

The IPO for the company will consist of nearly 40.1 million shares on an offer for sale from existing shareholders, according to a prospectus, implying the proceeds would go to the selling shareholders alone. The offer size is of 43.26 billion rupees.

The ask valuation is a bit expensive at the industry average of earnings before interest, taxes, depreciation, and amortization, or EBITDA multiples of what Indian pharma companies are trading at, said Prashanth Tapse, research analyst at Mehta Equities, comparing it to firms like Cipla Ltd and Zydus Lifesciences Ltd.

Tapse said Mankind was commanding an EBITDA ask valuation of 1920 times, while on an industry average, pharma companies are trading at 1516 times EBITDA.

Mankind Pharma39;s IPO comes at a time when volatile markets and global macroeconomic challenges have scuppered or delayed various listing plans in India.

Earlier this year, personal care products startup Mamaearth put its IPO on hold while apparel retailer Fabindia and…