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Windlas Biotech Limited Initial Public Offer to open on Wednesday, August 04, 2021

Posted On: 2021-08-01 11:00:26 (Time Zone: IST)


Windlas Biotech Limited ('Windlas' or the 'Company'), which is a manufacturer of pharmaceutical formulations and ranks amongst the top five companies in the domestic pharmaceutical formulations Contract Development and Manufacturing Organizations ("CDMO") industry in India in terms of revenue (Source: CRISIL Report), proposes to open its Initial Public Offering ("Offer") on Wednesday, August 04, 2021.

The Price Band of the Offer has been fixed at ?448 to ?460 per Equity Share. Bids can be made for a minimum of 30 Equity Shares and in multiples of 30 Equity Shares thereafter.

The Initial Public Offer consists of Equity Shares of face value of ?5 each ("Equity Shares") of Windlas Biotech Limited comprising a fresh issue aggregating up to ?1,650 million (the "Fresh Issue") and an offer for sale of up to 5,142,067 Equity Shares ("Offer for Sale" and together with Fresh Issue, the "Offer"). The Offer for Sale comprises of up to 1,136,000 Equity Shares by Vimla Windlass (the "Individual Selling Shareholder") and up to 4,006,067 Equity Shares by Tano India Private Equity Fund II (the "Investor Selling Shareholder" and collectively with Individual Selling Shareholder, the "Selling Shareholders").

The Offer is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended ("SCRR") read with Regulation 31 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended (the "SEBI ICDR Regulations") and in compliance with Regulation 6(1) of the SEBI ICDR Regulations wherein not more than 50% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers ("QIBs") (the "QIB Portion") provided that the Company and the Selling Shareholders, in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations ("Anchor Investor Portion"), of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price in accordance with SEBI ICDR Regulations. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the Net QIB Portion. Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors) including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining QIB Portion for proportionate allocation to QIBs.

Further, not less than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders ("RIBs") in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price.

All potential Bidders (except Anchor Investors) are required to mandatorily utilise the Application Supported by Blocked Amount ("ASBA") process providing details of their respective bank accounts and UPI ID (in case of RIBs using UPI Mechanism), in which the corresponding Bid Amounts will be blocked by the Self Certified Syndicate Banks ("SCSBs") or the Sponsor Bank, as applicable. Anchor Investors are not permitted to participate in the Offer through the ASBA process.

SBI Capital Markets Limited, DAM Capital Advisors Limited (Formerly IDFC Securities Limited) and IIFL Securities Limited are the BRLMs to the Offer.

The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on BSE and NSE.


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