Windlas Biotech IPO subscribed 22.46 times on final day

The initial public offer of Windlass Biotech, a manufacturer of pharmaceutical formulations, was subscribed 22.46 times on Friday, the closing day for subscription.

The three-day IPO received bids for 13,77,39,750 shares against 61,36,252 shares on offer, as per NSE data.

The category for Qualified Institutional Buyers(QIBs) was subscribed 24.40 times, non-institutional investors 15.73 times, and retail individual investors(RIIs) 24.27 times.

The initial public offer had a fresh issue of up to Rs 165 crore and an offer for sale of up to 51,42,067 equity shares.

The Rs 401.53-crore offer had a price 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 borrowings, and general corporate purposes.

SBI Capital Markets, DAM Capital Advisors, and IIFL Securities were the managers of the offer.