India’s biggest condom maker Mankind Pharma has raised $529 million in the country’s largest IPO this year. I mean the biggest condom maker by market capitalization of course. I am unsure who actually makes the biggest condom in India, but I will need to find out before my upcoming trip to the country.

The lowdown

• 🍆 Indian condom maker Mankind Pharma raises $529 million in IPO, after receiving 15 times as many bids as shares available ($).

• 🐢 US economic growth slows in the first quarter with GDP increasing at 1.1%.

• ⛈️ Amazon quarterly profit tops estimates but reports that the cloud business is slowing.

Featured stories

Kirin launches takeover offer for vitamin manufacturer

People that drink beer should probably take vitamins. Perhaps this is the thinking that led Japanese brewer Kirin to lob a A$1.9 billion ($1.3 billion) bid for Australian vitamin company Blackmores. 

The offer is priced at A$95 per share, representing a 24% premium to Blackmores' closing price on the day before the announcement. The deal is supported by the Blackmores' board and shares increased by 22% to A$93.64 after it was announced.

Blackmores' shares reached a peak of A$200 in 2015 but fell following a decline in growth in China, which led to a drop in profit and a management shake-up.

Kirin aims to generate annual revenue of ¥200 billion ($1.5 billion) from its health division by 2027, with an operating margin of 15% ($). Kirin's health business most recently generated ¥103 billion in revenue but had an operating loss of ¥7.1 billion. Perhaps a vitamin beer would turn this around?

The content we're consuming today

• FT: Everything you don’t actually need to know about the economics of Succession ($).

• The Economist: Private markets remain attractive, even in a higher-rate world ($).

• Reuters: Resolving Credit Suisse: an alternative history.

Off-balance sheet items

• Ed Sheeran took to the stand with a guitar and sang in an attempt to differentiate his song ‘Thinking out Loud’ from Marvin Gaye’s ‘Let’s Get It On’ in a copyright infringement case. Seems like cheating – how will the jury find against him after that?

The bottom line