Windlas Biotech shares list at loss; debut trading at 4.6% discount to IPO price

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Updated: August 16, 2021 10:16 AM

Windlas Biotech shares made a weak debut on the stock exchanges on Monday, 16 August 2021. Windlas Biotech shares began trading at Rs 439, down 4.6% from the IPO price of Rs 460 apiece.

windlas biotechThere are no listed companies in India that engage in a business similar to that of Windlas Biotech.

Windlas Biotech shares made a weak debut on the stock exchanges on Monday, 16 August 2021. Windlas Biotech shares began trading at Rs 439, down 4.6% from the IPO price of Rs 460 apiece. The initial public offer of Windlass Biotech, a manufacturer of pharmaceutical formulations, was subscribed 22.46 times. On the listing, the market capitalisation of the company stood at Rs 956.77 crore. There are no listed companies in India that engage in a business similar to that of Windlas Biotech.

Check live prices: Windlas Biotech

Ashok Kumar Windlass, Hitesh Windlass, Manoj Kumar Windlass and AKW WBL Family Private Trust, are the promoters of the company. Windlas Biotech is amongst the top five players in the domestic pharmaceutical formulations contract development and manufacturing organization (CDMO) industry in India in terms of revenue.

During FY19-21, the company’s revenue grew at a CAGR of 17.9% to Rs 427.6 crore, driven by the CDMO (18.6% CAGR to Rs 362 crore), domestic trade generics and OTC (26.9% CAGR to Rs 43.7 crore) and exports (2.1%
CAGR to Rs 19 crore). Over the same period, the EBITDA grew at a CAGR of 19.2% (to Rs 55 crore) with a 108bps Y-o-Y improvement in EBITDA margins to 12.8%. This margin expansion was driven by better product mix and higher capacity utilisations, analysts at Ventura Securities said an IPO note.

The company has four globally approved manufacturing and R&D facilities located at Dehradun, Uttarakhand. The R&D initiatives are directed towards new product development, achieving cost efficiencies and process validation for the manufacture of upcoming patent expired API. Its cumulative manufacturing capability is 7+ billion tablets / capsules and it manufactures over 3279 products. WBL has also filed for 11 patent applications, of which two have been granted approval in India.

Windlas has developed relationships with leading Indian pharmaceutical companies. Their operational track record in the successful delivery of products, responsiveness, dosage innovation, complex generic product development, quality and technical standards, turnaround times, and productivity has facilitated the strengthening of their customer base and helped them in expanding their product and service offerings as well as geographic reach.

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