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Windlas Biotech shares settle with 11.6% loss to issue price in debut trade

Windlas Biotech shares settle with 11.6% loss to issue price in debut trade
August 17
03:33 2021

Cumulatively, Windlas Biotech traded with volume of 44.3 lakh equity shares on the BSE and NSE.

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//$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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Windlas Biotech, one of the leading companies in the pharmaceutical formulations contract development and manufacturing organizations (CDMO) segment in India, saw a dismal debut on August 16, as it settled with a loss of 11.6 percent at Rs 406.70 on the BSE and 11.5 percent at Rs 407.15 on the NSE.

In fact the closing was near its day’s low of Rs 405. After opening at Rs 439, it climbed up to Rs 452.10 intraday and failed to surpass its issue price of Rs 460 during the day.

Cumulatively, it traded with volume of 44.3 lakh equity shares on the BSE and NSE.

Windlas Biotech garnered Rs 401.54 crore through its initial public offering that was subscribed more than 22 times during August 4-6.

The issue comprised a fresh issue of Rs 165 crore, of which the net proceeds will be used 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; incremental working capital requirements; and repaying of debts.

Also read – Windlas Biotech listing disappoints, Exxaro Tiles jumps 10%: What should investors do now?

The company offers a range of CDMO services from product discovery to product development, licensing, and commercial manufacturing of generic products including complex generics. It also sells its own branded products in the trade generics and over-the-counter (OTC) markets.

“Windlass Biotech’s financial track record has been very weak, though the company is trying to revamp its business which is a long drawn process. Thus one can find much better options among the listed players,” said Sneha Poddar, Research Analyst – Broking & Distribution at Motilal Oswal Financial Services.

Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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