Windlas Biotech IPO 22.46 times oversubscribed on the day of closing

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The initial public offering of Windlass Biotech, a manufacturer of pharmaceutical formulations, was subscribed 22.46 times on Friday, the closing date for subscriptions.

The three-day IPO received offers for 13 77 39 750 shares against 61 36 252 shares offered, according to data from NSE.

The Qualified Institutional Buyer (QIB) category was subscribed 24.40 times, Non-Institutional Investors 15.73 times and Retail Investors (RII) 24.27 times.

The initial public offering had a new issue of up to Rs 165 crore and an offer to sell up to 51,427,067 shares.

The Rs 401.53 crore offer had a price range of Rs 448-460 per share.

Windlas Biotech raised more than Rs 120 crore on Tuesday from key investors.

The proceeds of the IPO will be used for the purchase of equipment necessary to expand the capacity of the Dehradun-IV plant and add an injectable dosing capacity to the Dehradun plant-II installation.

It will also be used to finance additional working capital requirements, the repayment / early repayment of certain loans and general business objectives.

SBI Capital Markets, DAM Capital Advisors and IIFL Securities were the managers of the offering.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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