Windlas Biotech IPO's weak debut: Shares list at 5% discount to issue price

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26 Aug, 2025 12:21

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The initial public offering (IPO) of Windlas Biotech, one the top five players in the domestic pharmaceutical formulations contract development and manufacturing organization industry in terms of revenue, started off the first day trade at Rs 439 per share on August 16.

The stock opened at Rs 439 on the BSE and Rs 437 on the National Stock Exchange.

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The pharma company has mobilised Rs 401.53 crore through its public issue that was subscribed 22.47 percent during August 4-6 on account of strong response from investors.

The portion set aside for qualified institutional buyers was subscribed 24.4 times, non-institutional investors subscribed 15.73 times, and retail portion was booked 24.27 times.

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The IPO, with a price band of Rs 448-460 per equity share, had comprised a fresh issue of Rs 165 crore and an offer for sale of Rs 236.53 crore by Vimla Windlass, and Tano India Private Equity Fund II.

Through its net fresh issue proceeds, the company will purchase equipment required for capacity expansion of existing facility at Dehradun Plant – IV & addition of injectables dosage capability at existing facility at Dehradun plant-II, besides using money for incremental working capital requirements and repaying of debts.

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The company provides a comprehensive range of CDMO services ranging from product discovery, product development, licensing and commercial manufacturing of generic products, including complex generics.

With increasing globalization and focus of large pharmaceutical players on cutting costs and optimizing operations, CDMOs have seen significant acceptance in the pharmaceutical industry internationally over the last few years. This increasing use of outsourcing by pharmaceutical companies for launch of new products is resulting in higher growth in the CDMO market and thereby, creating opportunities for Windlas Biotech.