Windlas Biotech lists at 5% discount to IPO price

Windlas Biotech made a muted debut on bourses with its shares listed at a 5% discount over issue price of Rs 460 per share. The stock opened at Rs 437 on the National Stock Exchange (NSE) and at Rs 439 on the BSE.

Earlier, the initial public offer of the manufacturer of pharmaceutical formulations was subscribed 22.46 times on August 6. The three-day IPO received bids for 13,77,39,750 shares against 61,36,252 shares on offer, as per NSE data.

The portion reserved for qualified institutional buyers got subscribed 24.40 times, non-institutional investors 15.73 times, and retail individual investors 24.27 times.

The initial public offer had a fresh issue of up to Rs 165 crore and an offer for sale of up to 51,42,067 equity shares. The Rs 401.53-crore offer had a price range of Rs 448-460 per share. The company had raised over Rs 120 crore from anchor investors.

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 borrowings, and general corporate purposes.

SBI Capital Markets, DAM Capital Advisors, and IIFL Securities were the managers of the offer.