Windlass Biotech Limited Opened its initial public offering (IPO) on Wednesday and will close subscriptions on August 6, 2021. The public offering for this drugmaker was successfully subscribed 3.17 times by investors on the first day of bidding. The company received bids for 1.94 crore equity shares against the issue size of 61.36 lakh equity shares as on the exchange date. As a result of the anchor investment raised by Windlass Biotech, the offer size was reduced to 61.36 lakh shares from the earlier 87.29 lakh shares.
On August 3, a day before the IPO hit the market, the company managed to raise Rs 120.46 crore from anchor investors. The segment set aside for retail investors saw the largest membership among all investor categories. The retail segment subscribed a total of 6.15 times to the issue. Qualified Institutional Buyers (QIBs) had subscribed to the issue 0.00 times their reserve share. Non-institutional investors had subscribed to the IPO for a total of 0.34 times their allotted share.
With reference to the share reserved for the respective investor groups. The highest reserve share in QIBs was 50 per cent. The NII category was given 15 per cent reservation for the issue and the retail segment was given 15 per cent reservation.
As per the information on IPO Watch, the gray market premium for the issue was Rs 130. This indicated that the shares in the unlisted gray market were trading at a premium of Rs 578 to Rs 590 per equity share.
NS Windlass Biotech IPO Its issue size is Rs 401.54 crore. This includes a fresh issue of Rs 165 crore and an offer for sale (OFS) of Rs 236.54 crore consisting of 5,142,067 equity shares with a face value of Rs 5 per share. The price band for the issue was listed as Rs 448 to Rs 460 per equity share.
Speaking on the outlook for Windlass Biotech IPO, Ashish Chaturmohta, Director of Research, Sanctum Wealth Management, said, “Windlass is one of the top five players in the Domestic Pharmaceutical Formulation Contract Development and Manufacturing Organization (CDMO) industry in India in terms of revenue. . With over two decades of experience, Windlass offers a wide range of CDMO services ranging from product discovery, product development, licensing and commercial manufacturing of generic products including complex generics, in compliance with existing good manufacturing practices with a focus on improved safety sending out. efficacy and cost. The company is valued at 26.8 times FY21 P/E, and is in line with peer valuation.”
Exxaro Tiles IPO
tile manufacturer, Xxaro Tiles, launched its IPO on August 4, and will close subscriptions on August 6. The IPO was successfully subscribed a total of 4.67 times on the first day of the public offering. As on the date of subscription on the exchange, the issue had received bids for 5.35 crore equity shares against the IPO size of 1.14 crore equity shares. The offer size of Exxaro Tiles IPO was also reduced after it raised Rs 23.68 crore from anchor investors before the issue opened. The size came down from 1.34 crore shares to 1.14 crore equity shares.
The retail segment has once again taken the lead with a subscription of 9.29 times its reserve share. QIBs and NIIs had subscribed the issue 1.11 times and 0.65 times, respectively. Employees also subscribed to the issue with a subscription of 0.74 times against their allocation.
The portion reserved for QIBs for the Exxaro Tiles IPO was 25 per cent. There was 35 per cent allocation in the NII category and 40 per cent in the retail segment.
The GMP of the issue was Rs 20, indicating that the shares were trading at a premium of Rs 138 to Rs 140 in the unlisted market.
The issue size of Exxaro Tiles is Rs 161.09 crore and the fresh issue is Rs 134.23 crore. It is also made up of an OFS of Rs 26.86 crore with 2,238,000 equity shares having a face value of Rs 10 per equity share. The price band of the issue is Rs 118 to Rs 120 per equity share.
“Exaro Tiles is engaged in manufacturing and marketing of Vitrified Tiles majorly used for Flooring Solutions. The company has two manufacturing facilities at Vadodara and Talod, spread over 1.5 lakh square meters. Its business operations are broadly divided into two product categories – Double Charge Vitrified Tiles, and Glazed Vitrified. In FY21, the company reported a 6% growth in sales to Rs 255 crore. Net profit grew by 36 per cent to Rs 15.2 crore during the year. The company said it has the highest operating margin before depreciation and amortization (EBITDA margin) of 19% among peers. That said, its return on equity at 11.9% is lower than Kajaria’s 16.5%, Exaro’s total borrowings at the end of FY21 stood at Rs 161 crore,” said Ashish Chaturmohta.
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