Windlas Biotech IPO Subscribed 6.99 Times On Day 2

Pills at a manufacturing facility. (Photographer: Andrey Rudakov/Bloomberg)

Windlas Biotech IPO Subscribed 6.99 Times On Day 2

Windlas Biotech Ltd.'s Rs 401.5-crore initial public offering saw retail investor interest on the second day of subscription as well.

The contract drugmaker's issue was subscribed 3.18 times on its first day.

The company will sell shares at Rs 448-460 apiece, seeking a market value of Rs 1,002.5 crore at the upper end of the price band. The IPO comprises a fresh issue of Rs 165 crore and an offer-for-sale worth Rs 236.5 crore by the promoter group and Tano India Private Equity Fund-II.

The company plans to use Rs 50 crore to expand capacity of its existing facility at Dehradun (plant 4) and its injectables dosage capability at Dehradun (plant 2). It also aims to retire long-term debt worth Rs 20 crore and fund incremental working capital requirements of Rs 48 crore. The rest will be used for general corporate purposes.

Prior to the IPO, Windlas Biotech had raised Rs 120.46 crore by allotting more than 26 lakh shares to 22 anchor investors at the upper end of the price band.

Besides Windlas Biotech, Exxaro Tiles Ltd., Krsnaa Diagnostics Ltd. and Devyani International Ltd. launched their maiden offers on Aug. 4. The IPOs will close on Aug. 6.

Also read: Windlas Biotech IPO: All You Need To Know

Subscription Details: Day 2

The IPO was subscribed 6.99 times as of 5 p.m. on Aug. 5.

  • Institutional investors: 0.04 times

  • Non-institutional investors: 1.11 times

  • Retail investors: 13.40 times

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