30 Jul , 2021 By : Kanchan Joshi
Manufacturer of pharmaceutical formulations Windlas Biotech will launch its initial public offering (IPO) next week on Wednesday, August 4. The three-day public issue will conclude on August 6 and the company has fixed the price band of the initial share sale at Rs448-460 per share.
The Windlas Biotech IPO comprises fresh issuance of equity shares worth Rs165 crore and an offer for sale (OFS) of up to 5,142,067 equity shares. At the upper end of the price band, the initial share-sale is expected to garner more than Rs400 crore.
As per market observers, Devyani International shares are available at as strong premium (GMP) of Rs150 in the grey market. The grey market is an unofficial platform, wherein trading starts after the announcement of IPO price band till the listing of IPO shares.
The proceeds from the IPO will be utilised for purchasing of equipment required for capacity expansion of the facility at Dehradun Plant -IV and addition of injectables dosage capability at the facility at Dehradun Plant-II.
It will also be used for funding incremental working capital requirements, repayment/ prepayment of certain of borrowings and general corporate purposes.
Half of the issue size i.e., 50% has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non institutional investors. Book running lead managers to the issue are SBI Capital Markets Ltd, DAM Capital ad IIFL Securities.
The firm 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 has also two strategic operations naming domestic Trade Generics and over the counter (OTC) Brands; and Exports.
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