IPO Updates Drug formulation company Windlas Biotech will enter the IPO market on August 4 to raise Rs 401.53 crore. The company’s public issue will open for subscription on August 4 and will close on August 6. This is the 31st IPO of this year. The issue price band of the company has been kept at Rs 448-460 and investors can apply in slots of at least 30 shares and multiples thereof. Under the IPO, new shares worth Rs 165 crore will be issued and an offer for sale will be brought for 51.42 lakh equity shares. Under this, promoter Vimala Vindalas will sell all her 11.36 lakh equity shares, while investor Tano India Private Equity Fund II will also sell all her 40.6 lakh equity shares. SBI Capital Markets, DAM Capital Advisors and IIFL Securities are the Lead Managers for its book running.
15% reserve for retail investors
Not more than 50% of the IPO will be reserved for QIBs. At the same time, 15 percent reserve has been kept for NII. The rest is reserved for retail investors. The special thing about this IPO is that no pharma formulation company is listed yet. If Windlas is listed, it will be the first such company. The company will use the funds raised from the IPO to buy equipment to increase capacity.
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What does the company do?
The company is one of the largest five companies of the Pharmaceuticals Formulation Contract Development and Manufacturing Organization (CDMO) in the country. It has been involved in the development, licensing and development of complex generic products including generic products (drugs and nutracells) from product discovery to its development, licensing and sales. It also sells its over the counter and its own branded products. The company will use the capital raised from the IPO to purchase equipment needed to increase the production capacity of the Dehradun-based factory.