A new issuance of equity shares worth Rs 165 crore is included in the IPO, as well as an offer to sell up to 5,142,067 equity shares.
Windlas Biotech, a pharmaceutical formulations maker, announced on Thursday that it has set a price range of Rs.448-460 per share for its inaugural share offering.
The company is based in Dehradun and competes as a market leader in contract development and production of pharmaceutical formulations in India (CDMO).
Windlas Biotech made an announcement in a virtual news conference that the three-day initial public offering (IPO) will begin on August 4 and end on August 6.
Windlas Biotech plans to raise Rs 165 crore by issuing new equity shares and selling 51,42,067 equity shares in a public offering (OFS).
The Offer For Sale includes investors Vimla Windlass (11,36,000 equity shares) and Tano India Private Equity Fund II (40,06,067 equity shares). Tano India Private Equity Fund intends to sell its whole 22% stake in the firm.
Investors can bid for a minimum of 30 equity shares and then in increments of 30 shares. The inaugural share sale will fetch Rs 401.53 crore at the top end of the pricing band.
The proceeds from the IPO will be used to purchase equipment for the capacity development of the Dehradun Plant-IV facility and the addition of injectables dosage capability at the Dehradun Plant-II facility.
It will also be utilized to cover additional working capital needs, as well as the repayment or prepayment of certain debts and other general business objectives.
Qualified institutional buyers (QIBs) will receive 50% of the net issuance, while non-institutional investors will receive 15%. (NIIs). Retail investors will receive 35% of the issue’s total amount.
SBI Capital Markets Ltd, DAM Capital, and IIFL Securities have been appointed as the issue’s book running lead managers. Link Intime India has been appointed as the registrar to the issue.
