Windlas Biotech files DRHP to raise funds via IPO
The IPO consist of a fresh issue of ₹165 crore and an offer for sale of up to 5.14 million shares by its current promoters and shareholders
Windlas Biotech Ltd has filed a draft red herring prospectus with Securities Exchange Board of India to raise funds via initial public offering.
The IPO consist of a fresh issue of ₹165 crore and an offer for sale of up to 5.14 million shares by its current promoters and shareholders.
An offer for sale comprises sale of 1.14 million shares by Vimla Windlass and 4.01 million shares by Tano India Pvt Equity Fund II. Currently, Vimla Windlass holds 7.8% stake while Tano India Pvt Ltd holds 22% stake in the company.
The company said it is in consultation with its book running managers to raise ₹50 crore via a pre-IPO placement. The anchor investors offer period will be one working day prior to the offer opening date, the company added.
SBI Capital Markets, DAM Capital Advisors and IIFL Securities Ltd are the book running managers to the issue.
The proceeds from the issue will be used to purchase equipment that required for capacity expansion of its existing facility at Dehradun Plant IV and addition of injectables dosage capability at its existing facility.
The company will use ₹47.56 crore for funding incremental working capital requirements and ₹20 crore for repayment of its certain debt. As of March 2021, its total outstanding borrowings amounted to Rs32.16 crore.
For the nine-month ended December 2020, revenue from operations stood at ₹320.79 crore versus ₹254.87 crore a year ago. Net profit for the period stood at ₹9.67 crore against ₹15.75 crore last year same period.
The firm is amongst the top five players in the domestic pharmaceutical formulations contract development and manufacturing organization (CDMO) industry in India in terms of revenue. It has also two strategic operations naming domestic Trade Generics and over the counter (OTC) Brands; and Exports.
The company currently own and operate four manufacturing facilities located at Dehradun in Uttarakhand. As of December 2020, its manufacturing facilities had an aggregate installed operating capacity of 7,063.83 million tablets/ capsules, 54.46 million pouch/sachet and 61.08 million liquid bottles.
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