Windlas Biotech, the domestic pharmaceutical formulations contract development and manufacturing organization, has fixed the price band at Rs 448-460 per equity share for its public offer.
The offer will open for subscription on August 4 and will close on August 6. Anchor book, if any, will open for a day on August 3, a day before the issue opening.
This is the 31st initial public offering that will be launched in 2021.
The public offer comprises a fresh issue of Rs 165 crore, and an offer for sale of 51,42,067 equity shares by existing selling shareholders.
Promoter Vimla Windlass will sell 11.36 lakh equity shares, and investor Tano India Private Equity Fund II will offload its entire stake of 40,06,067 equity shares (or 22 percent of pre-offer paid up equity) via offer for sale.
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The total fund raising would be Rs 401.53 crore at upper end of price band.
The net proceeds from fresh issue will be utilised for purchase of equipment required for capacity expansion of existing facility at Dehradun Plant – IV, & addition of injectables dosage capability at existing facility at Dehradun Plant-II (Rs 50 crore); working capital requirements (Rs 47.56 crore); and repaying of certain borrowings (Rs 20 crore).
Investors can bid for a minimum of 30 equity shares and in multiples of 30 equity shares thereafter.
Ashok Kumar Windlass, Hitesh Windlass, Manoj Kumar Windlass and the Promoter Trust are the promoters of the company. Promoter and promoter group held 78 percent stake in Windlas Biotech including Vimla Windlass's 7.8 percent shareholding.
Windlas Biotech is amongst the top five players in the domestic pharmaceutical formulations contract development and manufacturing organization (CDMO) industry in India in terms of revenue. In FY20, its market share was approximately 1.5 percent in terms of revenue in the domestic formulations CDMO industry.
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In addition to providing services and products in the CDMO market, the company also sells its own branded products in the trade generics and over-the-counter (OTC) markets as well as export generic products to several countries.
SBI Capital Markets, DAM Capital Advisors, and IIFL Securities are book running lead managers to the issue.