Windlas Biotech IPO subscribed 7 times on Day 2

The initial public offer of Windlas Biotech, a manufacturer of pharmaceutical formulations, was subscribed 6.99 times on the second day of subscription on Thursday.

The Rs 401.53-crore IPO received bids for 4,29,22,080 shares against 61,36,252 shares on offer, as per NSE data.

The category for non-institutional investors was subscribed 1.11 times, while those for Qualified Institutional Buyers (QIBs) 4 per cent and retail individual investors(RIIs) 13.40 times.

The company's initial public offer was fully subscribed within hours of opening on Wednesday. The initial public offer (IPO) comprises a fresh issue of up to Rs 165 crore and an offer for sale of up to 51,42,067 equity shares.

The offer is priced in a range of Rs 448-460 per share.

Windlas Biotech on Tuesday raised over Rs 120 crore from anchor investors.

The proceeds from the IPO will be utilised for purchasing of equipment required for capacity expansion of the facility at Dehradun Plant-IV and addition of injectables dosage capability at the facility at Dehradun Plant-II.

It will also be used for funding incremental working capital requirements, repayment/ prepayment of certain of borrowings and general corporate purposes.

SBI Capital Markets Limited, DAM Capital Advisors Limited and IIFL Securities are the managers to the offer.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)