Windlas Biotech shares fail to attract investors; stock declining since listing, down 16% - A NEW LOW
Trading lower for the third straight day since listing, the shares of Windlas Biotech hit a new record low on Wednesday to Rs 385.5 per share after declining nearly 4 per cent on the BSE intraday trade. The counter has slumped over 16 per cent from its issue price of Rs 460 per share at the upper end.
![Windlas Biotech shares fail to attract investors; stock declining since listing, down 16% - A NEW LOW Windlas Biotech shares fail to attract investors; stock declining since listing, down 16% - A NEW LOW](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_850x478/public/2021/08/19/157100-stock123-696x392.jpg?itok=jKhyA7lw&c=0c3ab5c1f4fe898429dc8b0d4b6d6150)
Trading lower for the third straight day since listing, the shares of Windlas Biotech hit a new record low on Wednesday to Rs 385.5 per share after declining nearly 4 per cent on the BSE intraday trade. The counter has slumped over 16 per cent from its issue price of Rs 460 per share at the upper end.
The pharmaceutical company stock made its exchange debut on Monday, August 16, 2021, around 10 per cent lower premium to Rs 419 per share on both BSE and NSE.
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The stocks counter on the first day of its trading session had ended weak by over 7 per cent to Rs 406.7 per share, below the issue price of Rs 460 per share at the upper end.
The company had raised Rs 402 crore through an initial public offer (IPO) and proposed to utilize the funds to purchase equipment required for the capacity expansion of its existing facility at Dehradun Plant IV.
The company will use the net proceeds of the issue to finance incremental working capital requirements and to repay/prepay the company's borrowings.
In a three-day IPO, Windlas Biotech was subscribed 22.46 times on the final day, the offer was opened on August 4 and closed on August 6, 2021. The IPO received bids for 13,77,39,750 shares against 61,36,252 shares on offer, as per the data available on exchanges.
The category for Qualified Institutional Buyers(QIBs) was subscribed 24.40 times, non-institutional investors 15.73 times, and retail individual investors(RIIs) 24.27 times.
Windlas Biotech is a leading Contract Development Manufacturing Organisation (CDMO) with a focus on the chronic therapeutic category.
The company provides a comprehensive range of CDMO services including product discovery, product development, licensing and commercial manufacturing of generic products. It has more than 20-year of experience in manufacturing both, solid and liquid pharmaceutical dosage forms.
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