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Windlas Biotech IPO opens August 4; check price band, IPO size, bid lot size, other details

Windlas Biotech is amongst the top five players in the domestic pharmaceutical formulations contract development and manufacturing organization (CDMO) industry in India

Windlas Biotech’s Rs 401.53-crore IPO will open for subscription on Wednesday, 4 August, at a price of Rs 448-460 per share of face value of Rs 5, each. The public issue will close on Friday, 6 August. This would be 31st IPO so far in the calendar 2021. The offer comprises fresh issue of shares worth Rs 165 crore and an offer-for-sale (OFS) of 51.42 lakh shares by existing selling shareholders. Promoter Vimla Windlass will sell 11.36 lakh equity shares, and investor Tano India Private Equity Fund II will offload its entire stake of 40.06 lakh shares (or 22 per cent of pre-offer paid up equity) through OFS route. SBI Capital Markets, DAM Capital Advisors, IIFL Securities are book running lead managers. Link Intime India is the registrar to the issue.

Bids can be made for a minimum of 30 shares and in multiples thereof, translating to a minimum investment of Rs 13,800 per lot at the upper band of IPO price. Not more than 50 per cent of the offer will be reserved for Qualified Institutional Buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors (NIIs). The price/earnings ratio based on diluted EPS for FY 2021 for the company at the upper end of the price band is 52.87. The P/E of Nifty50 index as on March 31, 2021 is 33.20x. The weighted average return on net worth for the last three fiscals is 13.27 per cent.

There are no listed companies in India that engage in a business similar to that of Windlas Biotech. The company has planned to utilised the net proceeds for purchase of equipment required for (i) capacity expansion of our existing facility at Dehradun Plant – IV; and (ii) addition of injectables dosage capability at existing facility at Dehradun Plant II worth Rs 50 crore, funding incremental working capital requirements of the company worth Rs 47.5 crore and towards repayment/prepayment of certain borrowings of Rs 20 crore, and for general corporate purposes.

Ashok Kumar Windlass, Hitesh Windlass, Manoj Kumar Windlass and AKW WBL Family Private Trust, are the promoters of the company. Promoters and promoter group held 78 per cent stake in Windlas Biotech. 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 revenue.

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