Windlas Biotech shares opened for trading at Rs 437.Windlas Biotech shares made a weak debut on stock exchanges on Monday as the stock opened for trading at Rs 437 on the National Stock Exchange (NSE), marking a discount of 5 per cent from issue price of Rs 460.
Windlas Biotech shares were in high demand in the three-day share sale via initial public offering (IPO) which ended on August 6.
The IPO was subscribed 22 times wherein the portion reserved for Qualified Institutional Buyers was subscribed 24.4 times and portion for Retail Individual Investors was subscribed 24.27 times.Windlas Biotech's Rs 401.5 crore IPO comprised a fresh issue of Rs 165 crore and an offer for sale worth Rs 236.5 crore.
The leading pharmaceutical company sold shares in the price band of Rs 448 to Rs 460 per equity share.Windlass Biotech sought to utilise proceeds from IPO to purchase the equipment required for the capacity expansion of its existing facility at Dehradun Plant IV.
It also sought to finance the incremental working capital requirements of the company, repay its borrowings, and for general corporate purposes.Windlas Biotech is one of the leading companies in the pharmaceutical formulations contract development and manufacturing organizations (CDMO) segment in the country.
The company provides a range of CDMO services such as licensing, product discovery to product development, and commercial manufacturing of generic products including complex generics.The company has a strong focus on the chronic therapeutic category and is a leading market player in the domestic pharmaceutical formulation CDMO segment.As of 10:23 am, Windlas Biotech shares traded 7.5 per cent lower from issue price at Rs 425.70.
The stock fell as much as 12 per cent to hit an intraday low of Rs 407.