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Windlas Biotech IPO to open today; here are key things to know

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Windlas Biotech IPO comprises a fresh issue of shares worth Rs 165 crore and an offer for sale of shares worth Rs 236.5 crore by existing selling shareholders. The issue opens on August 4 and ends on August 6.

Windlas Biotech IPO to open today; here are key things to know
The initial public offering (IPO) of Windlas Biotech, a pharmaceutical formulations contract development and manufacturing organisation, will open for public subscription on August 4.
Along with this, Devyani International, Krsnaa Diagnostics and Exxaro Tiles will also be launching their IPO on the same day.
Here are key details about Windlas Biotech IPO:
  • The issue opens on August 4 and ends on August 6.
  • The IPO comprises a fresh issue of shares worth Rs 165 crore and an offer for sale of shares worth Rs 236.5 crore (51,42,067 equity shares) by existing selling shareholders.
  • The price band has been fixed at Rs 448-460 per equity share. At the upper end of the price band, the IPO will fetch Rs 401.53 crore.
  • Promoter Vimla Windlass will sell 11.36 lakh equity shares, and investor Tano India Private Equity Fund II will offload its entire stake of 40,06,067 equity shares (or 22 percent of pre-offer paid-up equity) via offer for sale.
  • The market lot size of the IPO is 30 shares. A retail individual investor can apply for up to 14 lots (420 shares or Rs 193,200).
  • SBI Capital Markets, DAM Capital Advisors Ltd and IIFL Securities Ltd. are the lead book-running managers for the issue.
  • The company proposes to utilise the fresh issue proceeds for the purchase of equipment required for capacity expansion of the existing facility at Dehradun Plant – IV; and the addition of injectable dosage capability at their existing facility at Dehradun Plant-II.
  • The proceeds will also be used for repayment/prepayment of borrowings, funding incremental working capital requirements and general corporate purposes.
  • The company has reserved 50 percent of the issue for Qualified Institutional Buyers (QIB), 15 percent for Non-Institutional Investors (NII) and 35 percent for retail investors.
  • Also Read:
    About Windlas Biotech
    Windlas Biotech Ltd is amongst the top five players in the domestic pharmaceutical formulations contract development and manufacturing organization (CDMO) industry in India in terms of revenue.
    It operates under three distinct strategic business verticals CDMO Services and Products; Domestic Trade Generics and over-the-counter (OTC) Brands; and Exports.
    In FY20, the company’s market share was around 1.5 percent in terms of revenue in the domestic formulations CDMO industry.
    The company has developed relationships with various leading pharmaceutical companies including Pfizer Ltd, Sanofi India Ltd, Zydus Cadila Healthcare Ltd, Emcure Pharmaceuticals Ltd, Eris Lifesciences Ltd, Intas Pharmaceuticals Ltd and Systopic Laboratories Pvt Ltd.
    In FY20, Windlas Biotech provided CDMO services to 7 out of the top 10 Indian formulations pharmaceutical companies.
    Windlas currently owns and operate 4 manufacturing facilities located at Dehradun in Uttarakhand. As of March 31, 2021, their manufacturing facilities had an aggregate installed operating capacity of 7,063.83 million tablets/ capsules, 54.46 million pouch/sachets and 61.08 million liquid bottles.
    Financials
    The company’s revenue from operations in FY21 was at Rs 427.60 crore, registering a growth of 30.03 percent from Rs 328.85 crore in FY20. Revenue in FY19 was at Rs 307.27 crore. Net Profit in FY21, FY20 and FY19 was at Rs 15.57 crore, Rs 16.21 crore and Rs 63.82 crore, respectively.
    Promoters & Management
    Vivek Dhariwal is the Chairman and Non-Executive Independent Director and Ashok Kumar Windlass is the Wholetime Director of the company.
    Hitesh Windlass is the Promoter and Managing Director and Manoj Kumar Windlass is the Promoter and Joint Managing Director of the company.
    Pawan Kumar Sharma is the Executive Director of the company, while Prachi Jain Windlass is the Non-Executive Director of the company.
    Srinivasan Venkataraman and Gaurav Gulati are the Non-Executive Independent Directors of the company.
    Komal Gupta is the CFO and Shailesh Gokhale is the Chief Operating Officer.
    Competitive Strengths
    • CDMO in India with a focus on the chronic therapeutic category.
    • Innovative portfolio of complex generic products supported by robust R&D capabilities.
    • Efficient and quality compliant manufacturing facilities with significant entry barriers.
    • Long-term relationships with Indian pharmaceutical companies.
    • Consistent track record of financial performance.
    • Experienced Promoters and senior management with a professional and technically qualified team.
    • Allotment & Listing
      The company is expected to finalise the IPO share allotment on August 11 and the refunds or unblocking ASBA fund would be initiated on August 12.
      The trading of Windlas Biotech shares is likely to commence on August 17 on NSE and BSE.
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