Windlas Biotech IPO
Windlas Biotech IPO — date, price band, lot size & details 2021
Windlas Biotech listed on 16 Aug 2021 at ₹437, 5% below the ₹460 issue price.
Windlas Biotech is a contract development and manufacturing company for pharmaceutical formulations, and also sells its own trade generics and OTC products. Its total income was Rs 430.70 crore in FY2021.
Stock price
Windlas Biotech is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 14 November.
- Open 04 Aug 2021
- Close 06 Aug 2021
- Allotment 11 Aug 2021
- Refund/credit 12 Aug 2021
- Listing 16 Aug 2021
Issue summary
The terms of the offer, as filed.
| IPO Dates | 4 to 6 Aug, 2021 |
|---|---|
| Price Band | ₹448 – ₹460 |
| Face Value | ₹5 |
| Lot Size | 30 Shares |
| Issue Size | ₹401.54 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 13,800 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 30 shares at the ₹460 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 30 | ₹13,800 |
| Retail (max) | 14 | 420 | ₹1,93,200 |
| S-HNI (min) | 15 | 450 | ₹2,07,000 |
| S-HNI (max) | 72 | 2,160 | ₹9,93,600 |
| B-HNI (min) | 73 | 2,190 | ₹10,07,400 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 311.53 crore in FY2019 to Rs 430.70 crore in FY2021.
- 02EBITDA rose from Rs 34.00 crore in FY2020 to Rs 54.52 crore in FY2021.
- 03Total borrowing was low, at Rs 31.32 crore on 31 March 2021, against net worth of Rs 199.12 crore.
- 04Customers include large drug makers such as Pfizer, Sanofi India and Intas, and it had about 1.5% of the domestic formulations CDMO market in Fiscal 2020.
- 05Rs 50.00 crore of the fresh issue was planned for new equipment, including injectables capability at Dehradun Plant II.
Risks · 6
- 01Profit after tax fell from Rs 63.82 crore in FY2019 to Rs 15.57 crore in FY2021.
- 02The pre-issue P/E was 53.8 at the upper band of Rs 460, based on EPS of Rs 8.55.
- 03All plants are in Dehradun, so a local disruption could hit output. Capacity is 7,063.83 million tablets and capsules a year.
- 04Rs 236.54 crore of the Rs 401.54 crore issue was offer for sale, including by investor Tano India Private Equity Fund II, which held 22.00% before the issue.
- 05Contract manufacturing depends on orders from large pharma clients, who can move work to other makers. Market share was about 1.5% in Fiscal 2020.
- 06Promoters and the promoter group held 78% before the issue and 59.95% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Windlas Biotech offer document.
| Metric | 31 Mar 2021 | 31 Mar 2020 | 31 Mar 2019 |
|---|---|---|---|
| Assets | 296.12 | 338.49 | 298.18 |
| Total Income | 430.70 | 331.34 | 311.53 |
| Profit After Tax | 15.57 | 16.21 | 63.82 |
| EBITDA | 54.52 | 34.00 | 37.74 |
| NET Worth | 199.12 | 209.66 | 193.59 |
| Reserves and Surplus | 192.71 | 203.25 | 187.17 |
| Total Borrowing | 31.32 | 27.43 | 29.91 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Windlas Biotech RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Windlas Biotech IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹8.55 | ₹7.14 |
| P/E Ratio (x) | 53.80 | 64.43 |
| Market Cap at Offer Price (₹ Cr) | ₹837.68 | ₹1,003.11 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹460 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹152.16 Cr of the issue is earmarked to named objects.
Windlas Biotech IPO Anchor Investors
22 anchor investors across 6 fund houses committed ₹120.45 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
It offers services from product discovery and development to licensing and commercial manufacturing of generic products, including complex generics, in solid and liquid dosage forms. It also sells its own branded products in the trade generics and OTC markets and exports generic products.
Customers include Pfizer, Sanofi India, Cadila Healthcare, Emcure, Eris Lifesciences and Intas. Its plants are in Dehradun, with capacity of 7,063.83 million tablets and capsules, 54.46 million pouches and sachets, and 61.08 million liquid bottles.
The IPO was Rs 401.54 crore, with Rs 165.00 crore of fresh issue and Rs 236.54 crore of offer for sale. Rs 50.00 crore was planned for equipment at its Dehradun plants and Rs 47.56 crore for working capital.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Windlas Biotech IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
SBI Capital Markets Ltd.
141 issues handledBest listing: Bajaj Housing Finance (+114.3%). Weakest: ICICI Securities (-16.3%).
IIFL Capital Services Limited
146 issues handledBest listing: Unicommerce eSolutions (+117.6%). Weakest: ICICI Securities (-16.3%).
Dam Capital Advisors Ltd
70 issues handledBest listing: Go Colors (+89.9%). Weakest: Metro Brands (-12.6%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Windlas Biotech?
The current Grey Market Premium is ₹120, or 26% over the issue price.
What is the Windlas Biotech IPO price band?
₹448 to ₹460, on a face value of ₹5.
When is the allotment?
The basis of allotment is 11 August 2021, with listing on 16 August 2021.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
