Windlas Biotech IPO opens on Aug 4, price band fixed at Rs 448-460

New Delhi: The initial public offering (IPO) of Windlas Biotech will hit the primary market on August 4. The price band for the same has been fixed at Rs 448-460 per share with a face value of Rs 5 each.

Dehradun-based Windlas Biotech is one of the top companies in the domestic pharmaceutical formulations contract development and manufacturing organization (CDMO) in India.

Windlas Biotech will raise Rs 165 crore through the issuance of fresh equity shares, while promoters and existing shareholders will offload 51,42,067 equity shares via an offer-for-sale (OFS).

Investors participating in the OFS include promoter Vimla Windlass (11,36,000 equity shares) and Tano India Private Equity Fund II (40,06,067 equity shares). Tano India Private Equity Fund will exit the company by selling its entire 22 per cent stake.

Investors can bid for a minimum of 30 equity shares and in multiples of 30 shares thereafter. The issue closes on August 6 for subscription.

50 per cent portion of the net issue is reserved for qualified institutional buyers (QIBs), whereas 15 per cent stake will be allotted to non-institutional investors (NIIs). Retail investors will have 35 per cent of the issue size ear-marked for them.

The net proceeds from the fresh equity issue will be utilised for purchase of equipment required for capacity expansion of existing facility at Dehradun Plant, repaying of certain borrowings and working capital requirements.

SBI Capital Markets, DAM Capital Advisors and IIFL Securities have been appointed as book running lead managers (BRLMs) of the issue. Link Intime India is the registrar of the issue.