Windlas Biotech IPO: Retails investors lead charge, issue subscribed 7.06 times on Day 2

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26 Aug, 2025 12:21

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The initial public offering of Windlas Biotech, one of the top five players in the contract development and manufacturing organization (CDMO) segment, has subscribed by 7.06 times, with investors bidding for 4.33 crore equity shares against the IPO size of 61.36 lakh shares on the second day of bidding on August 5.

Retail investors continued to provide strong support to the issue, as their portion was subscribed 13.52 times.

The portion set aside for non-institutional investors was subscribed 1.12 times and qualified institutional buyers had bid for 70,440 equity shares against 17.23 lakh shares set aside for them.

Windlas Biotech is a domestic pharmaceutical formulations company engaged in CDMO. The company is among top five players in India in terms of revenue. With more than two decades of experience, it manufactures solid as well as liquid pharmaceutical dosage forms,

Prabhudas Lilladher recommends subscribing the issue for listing gains. "Over time Windlas evolved as key CDMO players on the back of its 1) presence in Chronic products, 2) knowledge in R&D of process engineering, 3) wide customer base, 4) focus on trade generics & over-the-counter (OTC) Brands in India, 5) entry into injectable segment and 6) strong financial performance with experienced management," said the brokerage.

Also read: Windlas Biotech IPO: 10 key things to know before the issue opens

The company owns four plants in Dehradun in Uttarakhand, with an aggregate installed capacity of 700 crore tablets and capsules, 5.5 crore pouches and sachets and 6.1 crore liquid bottles as on March 2021.

Windlas Biotech shares were trading at a premium of Rs 110-130 in the grey market, translating to 23.9-28.3 percent premium over the issue price of Rs 460, the IPO Watch and IPO Central data shows.

The grey market is an unofficial trading platform where shares get traded well before allotment in an IPO and listing on bourses.​

The IPO comprises 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.

Also read: Windlas Biotech mobilises Rs 120.46 crore from 22 anchor investors ahead of IPO

The proceeds from the fresh issue will be used to purchase equipment for capacity expansion at Dehradun Plant – IV, addition of injectables dosage capability at Dehradun Plant-II, working capital requirements and repayment of debt.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.