Windlas Biotech IPO to open on August 4, Tano India PE Fund to reduce entire stake


Windlas Biotech, one of the top five companies in the domestic pharmaceutical formulations contract development and manufacturing organization (CDMO), is set to launch its initial public offering on August 4.

The IPO comprises a fresh issue of Rs 165 crore, and an offer for sale of 51,42,067 equity shares by existing selling shareholders.

The offer for sale consists of a selling of 11.36 lakh equity shares by promoter Vimla Windlass, and 40,06,067 equity shares by investor Tano India Private Equity Fund II.

Tano India Private Equity Fund will exit the company by selling its entire 22 percent stake through the offer for sale.

The company will separately announce price band and lot size for its IPO in coming few days. The issue will close on August 6.

Windlas Biotech will utilise net proceeds from its fresh issue for purchase of equipment required for capacity expansion of existing facility at Dehradun Plant – IV, & addition of injectables dosage capability at existing facility at Dehradun Plant-II (Rs 50 crore); working capital requirements (Rs 47.56 crore); and repaying of certain borrowings (Rs 20 crore).

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Ashok Kumar Windlass, Hitesh Windlass, Manoj Kumar Windlass and the Promoter Trust are the promoters of the company.

Promoter and promoter group held 78 percent stake in Windlas Biotech including Promoter Trust’s 46.03 percent shareholding, Ashok Kumar Windlass 24.17 percent and Vimla Windlass 7.8 percent.

With over two decades of experience in manufacturing both solid and liquid pharmaceutical dosage forms and significant experience in providing specialized capabilities, including, high potency, controlled substances and low solubility, the company provides a comprehensive range of CDMO services.

In addition, the company also sell its own branded products in the trade generics and over-the-counter (OTC) markets as well as export generic products to several countries.

SBI Capital Markets, DAM Capital Advisors, and IIFL Securities are book running lead managers to the issue.