Shares of Windlas Biotech were currently trading at Rs 439.65 per share at 10:08 IST on the BSE, at a discount of 4.42% to the issue price of Rs 460 per share.
The scrip was listed at Rs 439 per share, at a discount of 4.57% to the initial public offer (IPO) price.
So far, the stock has hit a high of Rs 452.10 and a low of Rs 407.25. On the BSE, over 1.25 lakh shares of the company were traded in the counter.
The initial public offer of Windlas Biotech received bids for 13.78 crore shares as against 61.36 lakh shares on offer, according to stock exchange data. The issue was subscribed 22.47 times.
The qualified institutional buyers (QIBs) category was subscribed 24.40 times. The retail individual investors (RIIs) category was subscribed 24.27 times. The non-institutional investors (NIIs) category was subscribed 15.73 times.
The issue opened for bidding on Wednesday (4 August 2021) and closed on Friday (6 August 2021). The price band of the IPO was fixed at Rs 448-460 per share.
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The IPO comprised of fresh issue of equity shares aggregating up to Rs 165 crore and an offer for sale (OFS) of up to 51,42,067 equity shares by existing shareholders Vimla Windlass and Tano India Private Equity Fund II.
Ashok Kumar Windlass, Hitesh Windlass, Manoj Kumar Windlass, and the Promoter Trust are the promoters of the company.
Promoters and promoter group holds an aggregate of 14,201,352 equity shares, aggregating to 78% of the pre-offer issued and paid-up equity share capital. The post IPO shareholding for the same is expected to be around 65.16%.
While the company will not get any proceeds from the OFS, Rs 50 crore out of the proceeds from fresh issue will be used for purchase of equipment required for capacity expansion of existing facility at Dehradun Plant - IV and addition of injectables dosage capability at existing facility at Dehradun Plant - II; Rs 47.5 crore will be spent on funding incremental working capital requirements; Rs 20 crore will be spent on repayment/prepayment of certain borrowings; and remaining amount will be spent on general corporate purposes.
Ahead of the IPO, Windlas Biotech on 3 August 2021 finalized allocation of 26,18,706 equity shares to anchor investors, at Rs 460 per equity share, aggregating to Rs 120.46 crore.
Windlas Biotech is amongst the top five players in the domestic pharmaceutical formulations, contract development and manufacturing organization (CDMO) industry in India, in terms of revenues. The company operates three distinct strategic business verticals (SBVs): CDMO Services and Products (contributing 84.66% of total FY2021 revenues), domestic trade generics and over the counter (OTC) brands (10.22 % of total) and, lastly, exports (5.12 % of total).
The company provides comprehensive range of CDMO services ranging from product discovery, product development, licensing, and commercial manufacturing of generic products (including complex generics) with a focus on improved safety, efficacy and cost.
The company reported a net profit of Rs 15.83 crore and sales of Rs 427.60 crore in the twelve months ended on 31 March 2021.
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