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Windlas Biotech was Subscribed 22.40 Times by Day 3

24 May 20246 mins read by Angel One
Windlas Biotech was Subscribed 22.40 Times by Day 3
ShareShare on 1Share on 2Share on 3Share on 4Share on 5

As of 5 pm on 6 August 2021, the final bidding day, Windlas Biotech’s public issue was subscribed 22.40 times. The company’s initial public offering received bids for 13,78,54,260 shares, whereas the total number of reserved shares was 61,36,252.

Windlas Biotech is one of the leading players in India’s pharmaceutical formulations contract development and manufacturing organisations (CDMO) industry. As per the DRHP filed with SEBI, this company was planning to raise Rs. 401.54 crores via its initial public offering. The public issue comprised a fresh issue of Rs. 165 crores.

Moreover, it included an offer for sale (OFS) of 5,142,067 equity shares at face value of Rs. 5 per unit by existing shareholders and promoters. The price band of the initial share sale was fixed at Rs. 448 to Rs. 460 per equity share.

So, how did Windlas Biotech perform on the third and final day of subscription? Let’s find out.

Windlas Biotech IPO Performance: Day 3

Here are the details in relation to Windlas Biotech IPO performance across different investor segments by the end of day 3 –

  • Qualified institutional buyers (QIBs) put in bids for 4,20,65,880 equity shares out of the 17,23,700 shares that were allotted for them.
  • Retail individual investors (RII) sought 7,49,61,960 equity shares against a reserved portion comprising 30,88,786 shares.
  • Non institutional investors (NIIs) applied for 2,08,26,420 shares, whereas 13,23,766 shares were reserved for them.

Windlas Biotech IPO Subscription – Final Verdict

Here’s a tabular representation of Windlas Biotech IPO across the different investor categories:

Investor Segment   IPO  Subscription
Qualified Institutional Buyers 24.40 times
Non Institutional Investors 15.73 times
Retail Individual Investors Employee 24.27 times
Total 22.47 times

While qualified institutional buyers could subscribe to nearly 28% of the initial public offering. Retail investors and non-institutional investors were reserved 50% and 21% of the issue size, respectively.

A Quick Look at Windlas’s Anchor Investments

On 3 August 2021 Tuesday, Windlas Biotech mobilised funds worth more than Rs. 120 crores from anchor investors, ahead of its initial public offering. The pharmaceutical formulations producer had allocated 26,18,706 equity shares to 22 mutual funds at Rs. 460 per unit.

Here are some of the anchor investors who put in bids for the company’s shares:

  • UTI Mutual Fund
  • Kuber India Fund
  • BNP Paribas Arbitrage
  • Sundaram Mutual Fund
  • ICICI Prudential Mutual Fund

Windlas Biotech aims to utilise the net proceeds from its initial share sale to achieve the following objectives:

  • Fulfilling the increasing working capital requirements
  • Financing the purchase of equipment to increase the capacity of its manufacturing unit at Dehradun Plant – IV
  • Fulfilling general corporate purposes
  • Repaying or prepaying its outstanding borrowings

Highlights of Windlas Biotech IPO – Day 1 and Day 2

The below table provides the key highlights of Windlas Biotech IPO performance as on the first and second bidding day:

Bidding Day Qualified Institutional Buyers Retail Investors Non Institutional Investors Total
Day 1 0 times 6.15 times 0.34 times 3.17 times
Day 2  0.04 times 13.52 times 1.12 times 7.06 times

Final Word

The company has overachieved its target of Rs. Rs. 401.54 crores, with its public issue being subscribed 22.39 times at the end of the last bidding day.

Windlas Biotech is one of the leading pharmaceutical formulations manufacturers in the domestic market, with advanced production units in Uttarakhand and Dehradun. The company possesses an impressive portfolio of products which gives it a competitive edge in the sector. Furthermore, the company has a highly efficient management team with a proven track record.

Hence, it appears that this company has tremendous growth potential. Investors who have missed out on the opportunity to subscribe to the public issue can still invest in shares of the company via Angel One. They must consider crucial aspects of the company, such as weaknesses and threats, before parting with their savings.


Frequently Asked Questions

  1. Who was the registrar for this IPO?

The registrar for Windlas Biotech IPO was Link Intime India Private Ltd.

  1. Who are the promoters of Windlas Biotech?

The promoters of Windlas Biotech are Ashok Kumar Windlass, Manoj Kumar Windlas, AKW WBL Family Pvt Trust and Hitesh Windlass.

  1. What is the listing date ofWindlas Biotech IPO?

The listing date of Windlas Biotech IPO is 17 August 2021.


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