I would like to invest into 1% of authorised capital
Windlas Biotech Limited IPO
(i) It is amongst the top five players in the domestic pharmaceutical formulations contract development and manufacturing organization (“CDMO”)industry in India in terms of revenue. With over two decades of experience in manufacturing both solid and liquid pharmaceutical dosage forms.
(ii) Its complex generic product portfolio comprised 804 products having grown from 661 products. It currently own and operate four manufacturing facilities located at Dehradun in Uttarakhand.
(iii) It has three distinct strategic business verticals (“SBVs”):
(a) CDMO Services and Products
(b) Domestic Trade Generics and over-the-counter (“OTC”) Brands
Products of Windlas Biotech?
Company’s complex generic products portfolio primarily comprises fixed dosage combinations, fixed dosage plus modified release combinations, customized generics and chewable or dispersible, which was 69.44% in Fiscal 2019 and was 68.98% in Fiscal 2020 and was 68.48% in Fiscal 2021 of the total product portfolio.
The complex generic products market has a high barrier to entry as these products are generally difficult to develop and require special know-how from the development and manufacturing perspective compared to conventional generic products.
Uses of Windlas Biotech Products?
The prevalence of chronic diseases in India has been increasing in the last few years, specifically in certain key therapeutic categories, such as, anti-diabetic, cardiovascular, neuropsychiatry and respiratory therapies, that are treated with ‘multi-drug therapy’ by physicians, i.e. the specific use of two or more drugs for single or multiple chronic conditions in an individual. Moreover, multi-drug therapy has gained importance over the past few years in the healthcare sector and is expected to aid the growth of pharmaceutical consumption. (Source: CRISIL Report). We have significant experience in developing and manufacturing generic fixed dose combinations. Windlas focus has currently been on launching new complex generic products in the chronic therapeutic category linked to lifestyle related disorders.
(i) Leading CDMO
(ii) Efficient and quality compliant manufacturing facilities
(iii) Strong and long-term relationships
(iv) Consistent track record of financial performance
Objects of the Windlas Biotech Limited IPO:
Windlas Biotech Limited IPO Details:
|Open Date:||Aug 04 2021|
|Close Date:||Aug 06 2021|
|Face Value:||₹ 5 Per Equity Share|
|Issue Type:||Book Building|
|Issue Size:||401 Cr.|
|Lot Size:||30 Shares|
|Issue Price:||₹ 448 - 460 Per Equity Share|
|Listing Date:||Aug 16 2021|
Promoters And Management:
Financials of Windlas Biotech Limited IPO:
|Particulars (Millions)||Mar 21||Mar 20||Mar 19|
|Cost of material consumed||2707||2243||1882|
|Change in inventories||36||-127||36|
|Employee Benefit Expenses||583||435||429|
|Depreciation & Amortisations||129||92||105|
|Profit Before Tax||217||246||761|
Comparison With Peers:
Recommendation on Windlas Biotech Limited IPO:
Lead Manager of Windlas Biotech Limited IPO:
Registrar of Windlas Biotech Limited IPO:
Discussion on Windlas Biotech Limited IPO:
Some of the qualitative factors and our strengths which form the basis for computing the Offer Price are:
• CDMO player with focus on the chronic therapeutic category
• Innovative portfolio of complex generic products supported by robust R&D capabilities
• Efficient and quality compliant manufacturing facilities with significant entry barriers
• Long-term relationships with Indian pharmaceuticals companies
• Consistent track record of financial performance
• Experienced Promoters and senior management with a professional and technically qualified team
Pe is on higher side
Nothing left on table for.investprs
PAT for FY21 = 15.6 Crores
Outstanding Shares after IPO = 2.1 Crores
EPS = 7.42
Issue Price = 460
P/E = 61x…..
Valuation of Windlas Biotech:
1. Total Pre-IPO shares = 18,207,419
2. Fresh Issue of Shares = 35,86,956
3. Total outstanding after IPO = 21,794,375
4. Issue Price = 460
Mcap or Valuation = ~1000 Crores…
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