Windlass Biotech Limited On Thursday, the second day of its initial public offering (IPO) completed. NS IPO Which is set to close on August 6, saw an overall subscription of 7.06 times for its IPO. The company received bids for 4.33 crore equity shares against the IPO size of 61.36 lakh shares on the second day of bidding. The size of the offer which stood at 87.29 lakh shares was taken up to the above 61.26 lakh shares as a result of anchor investment raised by the company. The anchor investment was Rs 120.46 crore, which was raised a day before the opening of the IPO.
The most subscribed category among all investors was the retail investor segment. This segment was subscribed for a total of 13.53 times for the Windlass Biotech IPO. Qualified Institutional Buyers (QIBs) were subscribed a total of 0.04 times in the public issue and non-institutional investors subscribed 1.12 times the amount allotted to them. The QIB segment, while having the smallest membership compared to other investor groups, had the largest reservation of 50 per cent among them all. On the other hand, 35 percent reservation was allotted to the retail category. NII set aside 15 per cent allocation for them in this issue.
The company is looking at a possible listing date of August 17, although it has not been confirmed yet. However, the basis of allotment is likely to be on August 11.
The gray market premium for the issue on August 6 was Rs 130. This indicated that the shares were trading at a premium of Rs 578 to Rs 590 per equity share in the unlisted market. The same trend happened on 5th August also.
Speaking on the evolution of the global formulations market in terms of the location of Windlass Biotech, Ajit Mishra, VP of Research from Religare Broking said, “The global formulation outsourcing market is expected to reach USD 28-32 billion by 2025 due to the increasing demand. For generics and biologics, growth in the number of drug approvals, end-to-end service of contract manufacturers and growth in technical specifications and off-patent products.Over the past five years, the Indian formulation CDMO market grew by 8.6% of the domestic formulation market Gross at a higher rate of 13% as compared to the rate. Going forward, domestic formulations CDMOs are projected to grow at a CAGR of 14% by FY25, fueled by strong demand for outsourcing by large pharma companies, both Indian and MNCs. and is driven by growing demand for generic products in the older therapeutics category.
Exxaro Tiles IPO
Tile maker, Xxaro Tiles on Thursday also kicked off its second day of membership. The company saw a total of 10.40 times subscriptions on August 5. The retail investor segment subscribed to the issue 21.29 times which was the largest ever. QIB and NIIS had subscribed the issue 1.66 times and 0.97 times, respectively. The employees had also subscribed to the issue for 1.56 times their allocation.
The share reserved for investors was 25 per cent for QIBs, while the NII and retail investor segments accounted for 35 per cent and 40 per cent, respectively. The basis of allotment is likely to be on August 11 and listing is likely on August 17, however, the same is yet to be confirmed.
GMP for Exxaro Tiles IPO On August 6, the IPO was at Rs 20 as per the information of the watch. This indicates that the shares continued to trade as on the previous day. The shares were trading at a premium of Rs 138 to Rs 140 in the gray market.
Giving a outlook on the way forward for the Indian ceramic tile industry, Mishra in a Religare Broking note said, “In FY10 the growth of the industry remained muted due to the Covid-19-induced lockdown. However, the sector is expected to grow at a CAGR of 12-14%, largely driven by construction activity, government schemes for housing and infrastructure, shift from traditional to versatile products and rising global demand for exports. This will benefit the organized companies in gaining revenue and market share.
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