Share price of this small-cap pharma stock jumped by nearly 4.92% on BSE to Rs. 570.95 in the morning trading session of March 21st, from its previous close of Rs. 544.15, after the company announced launching QIP to raise up to Rs. 570 crores.
With a market capitalisation of Rs. 8,012.4 crores, at 11:57 a.m. the shares of Wockhardt Limited were trading in the green at Rs. 556.95, up by nearly 1.98 percent.
In the last one year, the company has delivered multibagger returns of about 224.9 percent and nearly 139.8 percent in the last six months. So far in 2024, it has delivered positive returns of around 18.1 percent.
According to recent regulatory filings with the stock exchanges, the Capital Raising Committee of Wockhardt Limited has approved the launch of the company’s Qualified Institutional Placement (QIP) on Wednesday, following the market closure.
The overall issue size is said to be Rs. 570 crore, with Rs. 350 crore issue size and a greenshoe option priced at Rs. 220 crore, as per CNBC. The floor price has been fixed at Rs. 544.02 per equity share for the issue.
The next meeting of the Capital Raising Committee is scheduled on March 26th to consider and determine the issue price of the QIP, including any discount of not more than 5% of the floor price.
In terms of financials, the company’s revenue from operations grew by nearly 0.28 percent YoY from Rs. 699 crore in Q3 FY22-23 to Rs. 701 crore in Q3 FY23-24.
The net profit of the company is Rs. -86 crore in Q3 FY23-24, a growth of 15.68 percent on a year-on-year basis from a loss of Rs. 102 crore in Q3 FY22-23.
As of December 2023, FIIs hold 4.18 percent of the shares, whereas DIIs hold 0.3 percent of the shares in the company, aggregating to 4.48 percent of the institutional holdings.
Wockhardt Limited is a research-based pharmaceutical company that operated in the fields of pharmaceuticals, biotechnology, and healthcare services.
The company manufactures and supplies branded and generic finished formulations, as well as intermediate products such as APIs, globally.
Written by Shivani Singh
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