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Windlas Biotech Limited IPO: Study Before Subscribing

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One of the leading players in the pharmaceutical formulations contract development and manufacturing organization (CDMO) segment in India, Windlas Biotech Limited, will launch its initial public offer (IPO) on Aug 04, 2021. The offer will close on Aug 6, 2021 and the company has fixed the price band at ₹448-460 per equity share.

About Windlas Biotech Limited

Windlas Biotech Ltd. is amongst the top five players in the domestic pharmaceutical formulations contract development and manufacturing organization (“CDMO”) industry in India in terms of revenue. The company provides a comprehensive range of CDMO services ranging from product discovery, product development, licensing and commercial manufacturing of generic products, including complex generics. In addition to providing services and products in the CDMO market, they also sell their own branded products in the trade generics and OTC markets as well as export generic products to several countries. The company have four manufacturing facilities located at Dehradun with an installed operating capacity of 7,063.83 million tablets/ capsules, 54.46 million pouch/ sachet, and 61.08 million liquid bottles.

Windlas Biotech Limited IPO Issue Details

OPENS ON: Aug 4, 2021
CLOSES ON: Aug 6, 2021 
Price band: ₹448 to ₹460 per equity share
Lot size: 30 Shares
One lot costing: ₹13,800
Face Value: ₹5 per equity share
Listing on: NSE, BSE
Issue size: ₹401.54 crores (Fresh issue: ₹165.00 crores + Offer For Sale: ₹236.54 crores)
Shareholding: Promoter holding will stand at 65.16%  post-issue from 78% pre-issue.

Will list on the exchange on Aug 17, 2021.

Objects of the issue:

  • Purchase equipment required for capacity expansion of the existing facility at Dehradun Plant IV.
  • Finance incremental working capital requirements of the company.
  • Repayment/prepayment of the company’s borrowings.
  • General corporate purposes.

Interesting facts about Windlas Biotech Limited IPO:

  • In FY20, the company’s market share was approximately 1.5% in terms of revenue in the domestic formulations CDMO industry.
  • The company have three distinct strategic business verticals (SBVs): (i)  CDMO Services and Products; (ii) Domestic Trade Generics and over-the-counter (OTC) Brands; and (iii) Exports which respectively accounted for 84.66%, 10.22% and 4.45% of total revenue in FY21.
  • 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 are some of the marquee customers of Windlas Biotech Limited.
  • Considering the FY-21 adjusted EPS of Rs.7.14 on a post-issue basis, the company is going to list at a P/E of 64.39 with a market cap of Rs.10,025 mn. There are no listed companies in India that engage in a business similar to that of the company.

Get the complete coverage of the Windlas Biotech Limited IPO in the MSFL Research Report Here. To apply for Windlas Biotech Limited IPO, you can do it from our Marwadi Shares & Finance Ltd website.

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