Windlas Biotech Ltd IPO

Closed

IPO Subscription Details

  • Open Date 04 Aug
  • Close Date 06 Feb
  • Lot Size 30
  • IPO Size ₹ ₹ 401.53 Cr
  • IPO Price Range ₹ 448-460
  • Min Investment ₹ 13,440
  • Listing Exchange NSE, BSE
  • Basis of Allotment 11 Aug
  • Refunds 12 Aug
  • Credit to Demat Account 13 Aug
  • Listing Date 17 Aug

Windlas Biotech Ltd IPO Subscription Status

Windlas Biotech IPO Subscription Status

Category Subscription Status
Qualified Institutional (QIB) 0.04 Times
Non-Institutional (NII) 1.12 Times
Retail Individual 13.52 Times
Total 7.06 Times

 

Windlas Biotech IPO Subscription Details (Day by Day)

 
Date QIB NII Retail Total
Aug 04, 2021 17:00 0.00x 0.34x 6.15x 3.17x
Aug 05, 2021 17:00 0.04x  1.12x  13.52x  7.06x 

IPO Synopsis

Windlas Biotech IPO Synopsis

Windlas Biotech Ltd., one of the top companies in pharmaceutical formulations contract development and manufacturing organizations (CDMO) in India is launching its Initial Public Offer on August 4th. Windlas will raise Rs.402 crore through a mix of fresh issue and offer for sale. The IPO will close for subscription on 06 August. The price band for the IPO is fixed in the range of Rs.448-460. 

 

Windlass Biotech Shareholding Pattern

% Shareholding

Pre- IPO(%)

Promoters & Promoter Group

78

Public

22

 

Object of the offer:

The company proposes to utilise the net proceeds from the issue for 
1. Purchase of equipment required for capacity expansion of existing facility at Dehradun Plant
2. To meet working capital requirements
3. Repaying of certain borrowings

About Windlas Biotech Ltd

Windlas Biotech Limited is amongst the top five players in the domestic pharmaceutical formulations contract development and manufacturing organization (“CDMO”) industry in India in terms of revenue (Source: CRISIL Report). The company manufactures both solid and liquid pharmaceutical dosage forms and has significant experience in providing specialized capabilities, including high potency, controlled substances and low-solubility. Windlas Biotech provide a comprehensive range of CDMO services ranging from product discovery, product development, licensing and commercial manufacturing of generic products, including complex generics.

Windlass Biotech - Financials

Particulars (in crore)

FY19

FY20

FY21

Revenue from operations

307.2

328.8

427.6

EBITDA

37.7

34.0

54.5

PAT (excluding exceptional items)

14.3

16.2

37.2


Some of the competitive strengths are as follows

Innovative portfolio of complex generic products supported by robust R&D capabilities:
Windlas Biotech is focused on developing and launching new complex generic products, particularly those related to the formulation manufacturing process and drug delivery. The manufacturing of complex generics provides for higher profitability owing to limited competition with presence of only a few players. The R&D and innovation capabilities focus on (i) creating novel formulations of existing molecules aimed towards improving patients benefit through reduction of ‘pill burden’ or improvement of organoleptic features of the product; (ii) launching low cost ‘first-tolaunch’ generic products in the market, i.e., launching immediately after the patent expiry of products, and (iii) creating new delivery mechanism of an approved drug. 

Long-term relationships with Indian pharmaceutical companies:
Windlas Biotech has developed relationships with leading Indian pharmaceutical companies, including Pfizer Limited, Sanofi India Limited, Cadila Healthcare Limited/ Zydus Healthcare Limited, Emcure Pharmaceuticals Limited, Eris Lifesciences Limited, Intas Pharmaceuticals Limited and Systopic Laboratories Private Limited. The company’s operational track record in successful delivery of products, responsiveness, dosage innovation, complex generic product development, quality and technical standards, turnaround times, and productivity has facilitated the strengthening of their customer base and helped them in expanding their product and service offerings as well as geographic reach. The CDMO agreements with the customers are typically long-term in nature where the validity of the contract ranges between two to five years, with the option of renewal on mutually agreed terms. These long-term agreements allow them to plan their capital expenditure and enhance their ability to benefit from increasing economies of scale.

Efficient and quality compliant manufacturing facilities with significant entry barriers:
Windlas Biotech continuously aim to improve cost-efficiencies and increase productivity in their operations through use of automation in process equipment as well as use of software in capacity and resource planning and minimization of waste. The company has also made significant investments in quality management systems and have moved from a ‘paper-based’ approach to ‘electronic-based’ systems in manufacturing and quality controls as well as validation activities which enables them to undertake data analytics and track product level information across the different facilities and teams. Also, developing the expertise to comply with stringent regulatory audits and validation requirements has been a challenge for both pharmaceutical companies and CDMOs, and has been seen as a significant barrier to entry for many CDMOs, as facilities can take years to construct and properly validate.

Risk Factors:

Some of the risk factors are as follows

1.    The company is dependent on the success of their relationships with their CDMO customers. Any adverse developments or inability to enter into or maintain such relationships could have an adverse effect on their business. 

2.   The company is subject to strict technical specifications, quality requirements, regular inspections and audits by their CDMO customers. Failure to comply with the quality standards and technical specifications prescribed by such customers may lead to loss of business from such customers and could negatively impact their reputation and business prospects.

3.    Manufacture of injectables will be a new business for the Company and if they are unable to establish themselves in this business segment, their results of operations and cash flows may be adversely affected.
 

How to apply for SME IPO?

  • Login to your 5paisa account and select the issue in the current IPO section

  • Enter the number of lots and price at which you wish to apply for

  • Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange

  • You will receive a mandate notification to block funds in your UPI app

  • Approve the mandate request on your UPI and funds will be blocked

Contact Details of Windlas Biotech Ltd IPO

Contact Information

Address

Windlas Biotech Limited
40/1, Mohabewala Industrial Area,
Dehradun, 248110


Phone: +91 135 6608000
Email: grievance@windlasbiotech.com
Website: http://www.windlasbiotech.com/

Windlas Biotech Ltd IPO Register

Address

Link Intime India Private Ltd
   Link Intime India Private Ltd
   C 101, 247 Park, L.B.S.Marg,
   Vikhroli (West), Mumbai - 400083

Phone: +91-22-4918 6270
Email: windlas.ipo@linkintime.co.in
Website: http://www.linkintime.co.in

Windlas Biotech Ltd IPO Lead Manager

SBI Capital Markets

DAM Capital Advisors

IIFL Securities