Windlas Biotech
Mainboard₹402 Cr issue
-4.57%
Listing gain over issue price
Issue size
₹402 Cr
1 lot at cut-off
₹13,800
Lot size
30shares
Open
04 Aug 2021
Close
06 Aug 2021
Allotment
11 Aug 2021
Listing
16 Aug 2021
Listing performance
Issue price
₹460
Listed at
₹439
Listing-day close
₹407.15
Latest price
₹872.70
Close on 23 Oct 2026
Listing gain
-4.57%
Return since issue
+89.72%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 04 Aug 2021 – 06 Aug 2021
- Listing date
- 16 Aug 2021
- Face value
- ₹5 per share
- Issue price
- ₹460 per share
- Lot size
- 30 shares
- Total issue size
- ₹402 Cr
- Market cap at offer price
- ₹1,003 Cr
- Promoter holding
- 78.00% → 59.95% pre-issue → post-issue
- ISIN
- INE0H5O01029
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Dam Capital Advisors Ltd.
- Registered office
- 40/1, Mohabewala Industrial Area, Uttarakhand
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 26,18,706 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 30 shares per lot, in multiples, at ₹460
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 30 | ₹13,800 |
| Retail (max) | 14 | 420 | ₹1,93,200 |
| S-HNI (min) | 15 | 450 | ₹2,07,000 |
| S-HNI (max) | 72 | 2,160 | ₹9,93,600 |
| B-HNI (min) | 73 | 2,190 | ₹10,07,400 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
26,18,706
Anchor portion
₹120 Cr
at ₹460 per share
Valuation and performance
Valuation at offer price
₹460 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹1,003 Cr |
About Windlas Biotech
Windlas Biotech Limited is a pharmaceutical company incorporated in February 2001 and converted to a public limited company in April 2021. The company is among the top five players in the domestic pharmaceutical formulations CDMO industry in terms of revenue. With over two decades of experience, Windlas manufactures both solid and liquid pharmaceutical dosage forms with specialized capabilities in high potency, controlled substances, and low-solubility products. The company provides end-to-end CDMO services ranging from product discovery and development to licensing and commercial manufacturing of generic products, including complex generics, in compliance with current Good Manufacturing Practices (GMP). It operates through multiple business segments: CDMO Services and Products SBV (which generated 84.66% of total revenue in Fiscal 2021), Domestic Trade Generics and OTC Brands SBV, and Exports SBV. The company also maintains R&D laboratories recognized as an in-house R&D unit by the Department of Scientific and Industrial Research.
Company Analysis
from RHPWindlas Biotech is a leading domestic pharmaceutical contract development and manufacturing organization (CDMO) providing comprehensive services including product development, licensing, and commercial manufacturing of generic pharmaceutical products across solid and liquid dosage forms.
Windlas Biotech Limited is a pharmaceutical company incorporated in February 2001 and converted to a public limited company in April 2021. The company is among the top five players in the domestic pharmaceutical formulations CDMO industry in terms of revenue. With over two decades of experience, Windlas manufactures both solid and liquid pharmaceutical dosage forms with specialized capabilities in high potency, controlled substances, and low-solubility products. The company provides end-to-end CDMO services ranging from product discovery and development to licensing and commercial manufacturing of generic products, including complex generics, in compliance with current Good Manufacturing Practices (GMP). It operates through multiple business segments: CDMO Services and Products SBV (which generated 84.66% of total revenue in Fiscal 2021), Domestic Trade Generics and OTC Brands SBV, and Exports SBV. The company also maintains R&D laboratories recognized as an in-house R&D unit by the Department of Scientific and Industrial Research.
pharmaceutical contract development and manufacturing (CDMO)pharmaceutical formulationsgeneric pharmaceuticalsspecialty pharmaceuticals
Objects of the Issue
- Purchase of equipment required for capacity expansion of existing facility at Dehradun Plant-IV and addition of injectables dosage capability at existing facility at Dehradun Plant-II ₹500.00 million p.14
- Funding incremental working capital requirements of the Company ₹475.62 million p.14
- Repayment/prepayment of certain borrowings ₹200.00 million p.14
- General corporate purposes ₹346.03 million p.14
- Capacity expansion of existing facility at Dehradun Plant-IV and addition of injectables dosage capability at existing facility at Dehradun Plant-II through purchase of equipment ₹500.00 million p.40
- General corporate purposes p.78
- Purchase of equipment required for (i) capacity expansion of our existing facility at Dehradun Plant – IV; and (ii) addition of injectables dosage capability at our existing facility at Dehradun Plant-II ₹500.00 million p.81
- Funding incremental working capital requirements of our Company ₹475.62 million p.81
- Repayment/prepayment of certain of our borrowings ₹200.00 million p.81
- General corporate purposes ₹346.03 million p.81
- Capital expenditure for capacity expansion of existing manufacturing facility at Dehradun Plant – IV and setting up of injectables dosage capability at Dehradun Plant-II ₹500.00 million p.144
- Capacity expansion of existing facility at Dehradun Plant – IV p.194
- Addition of injectables dosage capability at existing facility at Dehradun Plant – II p.194
Issue Structure
- Total Issue
- ₹4,015.35 million
- Fresh Issue
- ₹1,650.00 million (3,586,956 equity shares)
- Offer for Sale
- ₹2,365.35 million (5,142,067 equity shares comprising 1,136,000 equity shares by Vimla Windlass and 4,006,067 equity shares by Tano India Private Equity Fund II)
- Price Band
- ₹448 to ₹460 per equity share
- Lot Size
- 30 equity shares and multiples thereof
- Face Value
- ₹5 per equity share
Business Model
Windlas generates revenue through three primary channels: (1) CDMO Services and Products SBV - providing contract development and manufacturing services to Indian pharmaceutical companies and multinational companies, which generated ₹3,620.16 million (84.66% of total revenue) in Fiscal 2021; (2) Domestic Trade Generics and OTC Brands SBV - manufacturing and selling branded generic and over-the-counter pharmaceutical products through distributors and stockists; (3) Exports SBV - exporting pharmaceutical products to international markets. The company is working capital intensive, requiring significant investment in raw materials and inventory management.
Business Segments
Provides contract development and manufacturing services to Indian pharmaceutical companies and multinational companies for generic products including complex generics, with capabilities in high potency, controlled substances and low-solubility products
Manufacturing and selling branded generic and over-the-counter pharmaceutical products through distributors and stockists network across 15 states
Exporting pharmaceutical products to international markets
Manufacturing pharmaceutical products, active pharmaceutical ingredients, and formulations on behalf of customers; operates as a contract manufacturer providing manufacturing services
Manufacturing and selling of generic pharmaceutical products and over-the-counter brands in the Indian domestic market
Sale of pharmaceutical products to international markets including Vietnam, Myanmar, Sri Lanka, Thailand, Philippines, Cambodia, Fiji, Trinidad & Tobago and South Africa
Manufacturing of tablets and capsules for chronic and acute disease therapies
Manufacturing of oral liquid formulations including syrups and suspensions
Addition of injectables dosage capability at Dehradun Plant-II for sterile injectable formulations
Provides products and services across a diverse range of pharmaceutical and nutraceutical generic products for Indian and multinational pharmaceutical companies who market such products under their own brand names. Includes complex generics (fixed dosage combinations, fixed dosage plus modified release combinations, customized generics, chewable/dispersible) and conventional generics (plain oral solids). Serves leading Indian pharmaceutical companies including Pfizer Limited, Sanofi India Limited, Cadila Healthcare Limited, Emcure Pharmaceuticals Limited, Eris Lifesciences Limited, Intas Pharmaceuticals Limited and Systopic Laboratories Private Limited.
Consists of trade generic products (generic medicines for which patents have expired, sold directly to distributors without marketing through medical representatives) and OTC brands (nutraceutical and health supplement products that do not require prescription). Products are marketed, distributed and promoted under the company's own brand names through offline channels (distributors, stockists, retail pharmacies, institutional tenders) and online e-commerce platforms. Majority are manufactured by the company. Capitalizes on India's unmet need of affordable and quality medicines in semi-urban and rural locations.
Engaged in identifying high growth markets and opportunities in semi-regulated international markets as well as selected regulated markets for developing and registering product applications to obtain marketing authorizations for generic medicines and health supplements. Post receipt of marketing authorization in selected markets, sells products to pharmaceutical companies and pharmacies in respective markets. As of March 31, 2021, obtained 59 product marketing authorizations across various export markets including Cambodia, Ivory Coast, Philippines, Thailand, Vietnam, Myanmar and Sri Lanka.
Manufacturing and trading of pharmaceutical products including multiple dosage forms with capacity expansion at Dehradun plants including injectables dosage capability
Provides formulation development, licensing and commercial manufacturing of generic products and complex generics for Indian and multinational pharmaceutical companies
Consists of trade generic products and OTC brands including nutraceutical and health supplement products that do not require prescription, marketed and distributed under own brand names through online and offline channels
Identifies high growth markets and opportunities in semi-regulated and selected regulated international markets for developing, registering and selling generic medicines and health supplements
Provides contract development and manufacturing services to customers and manufactures pharmaceutical products including antibiotics, antivirals, and anti-inflammatory drugs. The company supplied CDMO services to 204 domestic CDMO customers in Fiscal 2021, with 1,364 products in the SBV.
Manufactures and sells pharmaceutical products under its own brand names in the domestic market, including generic drugs and over-the-counter brands. The company had 185 brands in this SBV as of Fiscal 2021.
SWOT Analysis
Strengths
- • Top five player in domestic CDMO industry with two decades of experience(p.14)
- • Comprehensive CDMO service offerings including complex generics and specialized capabilities(p.14)
- • Diversified customer base of 204 CDMO customers including 7 of top 10 Indian pharma companies(p.22)
- • Multiple manufacturing facilities with WHO GMP and Schedule M compliance(p.23)
- • In-house R&D recognized as R&D unit by Department of Scientific and Industrial Research(p.24)
- • CDMO player with focus on chronic therapeutic category(p.92)
- • Innovative portfolio of complex generic products with robust R&D capabilities(p.92)
- • Efficient and quality compliant manufacturing facilities with significant entry barriers(p.92)
- • Long-term relationships with Indian pharmaceuticals companies(p.92)
- • Consistent track record of financial performance(p.92)
- • Experienced Promoters and senior management with professional and technically qualified team(p.92)
- • Top five player in domestic pharmaceutical formulations CDMO industry by revenue(p.135)
- • Strong operating margin and ROCE profile among peer set(p.135)
- • Top 5 CDMO player with chronic therapeutic focus and complex generic expertise(p.136)
- • Strong focus on high-growth chronic therapies with superior margins vs acute segment(p.138)
- • Proven robust organic growth with strong margins and profitability improvement(p.138)
- • WHO GMP and Schedule M compliant multi-facility manufacturing with significant competitive barriers(p.140)
- • Long-term relationships with leading Indian pharma companies and high customer retention(p.140)
- • Recognized R&D unit by DSIR with expertise in complex generics and fixed dose combinations(p.138)
- • Experienced promoter-led management team with 20+ years pharma industry expertise(p.137)
- • Growing customer base and capacity to serve expanding CDMO market(p.143)
- • Established governance committee structure for stakeholder management(p.182)
- • Experienced management team with pharmaceutical industry expertise(p.187)
- • Long-tenured sales leadership with industry experience(p.187)
- • Quality assurance leadership with extensive pharmaceutical background(p.187)
- • Established CSR committee with defined governance framework(p.182)
- • Top 5 CDMO player in India with 20+ years experience(p.249)
- • Comprehensive CDMO service offerings across complex dosage forms(p.249)
- • WHO GMP compliant manufacturing facilities with specialized capabilities(p.250)
- • Strong revenue growth and margin expansion(p.250)
- • Long-term customer relationships with leading Indian pharma companies(p.250)
- • In-house R&D unit recognized by Department of Scientific and Industrial Research(p.250)
- • Organic business growth with improved ROCE(p.250)
- • High-barrier complex generic portfolio with 68.48% of product mix(p.249)
- • Diversified product portfolio across CDMO and branded generics segments(p.268)
- • Strong revenue growth and expanding customer base(p.268)
- • Improved financial leverage and debt reduction(p.269)
- • Expanded manufacturing footprint via Windlas Healthcare acquisition(p.269)
- • Captured COVID-19 related demand opportunity(p.268)
Weaknesses
- • High revenue concentration: top 10 customers represent 57.87% of total revenue(p.23)
- • Geographic concentration: all manufacturing facilities located in Dehradun, Uttarakhand(p.31)
- • US FDA warning letter against Dehradun Plant-IV citing GMP violations(p.26)
- • Working capital intensive business requiring significant capital expenditure(p.30)
- • Regulatory actions pending including NCB product seizures and DCA price control violations(p.26)
- • Distributor and stockist dependency with no exclusivity arrangements(p.37)
- • All manufacturing facilities concentrated in single location (Dehradun)(p.37)
- • Low patent protection for proprietary processes(p.37)
- • Significant capacity underutilization(p.39)
- • High debt with restrictive covenants(p.39)
- • Key managerial personnel attrition of 40% in Fiscal 2021(p.41)
- • Large receivables with growing collection days(p.41)
- • Dependence on related party vendor for significant equipment procurement(p.86)
- • Capital-intensive business requiring significant upfront investment for capacity expansion(p.86)
- • Acquisition of second-hand equipment with age of 3-6 years and limited remaining useful life(p.83)
- • No orders for machinery and equipment placed as of prospectus date, subject to cost variation risks(p.86)
- • High customer concentration with top 10 customers representing 57.87% of total revenues(p.152)
- • Largest customer dependency risk with single customer generating 11% of revenues(p.152)
- • Significant FDA compliance issues with Dehradun Plant IV under import alert and warning letter(p.149)
- • Declining R&D expense ratio from 1.47% to 0.93% despite innovation focus(p.152)
- • Material margin percentage declining from 37.54% to 35.83% indicating cost pressures(p.150)
- • CDMO revenue concentration risk with single SBV accounting for 84.66% of total revenue(p.137)
- • Dependence on customer-specified raw material suppliers per CDMO agreements(p.151)
- • Export SBV underperformance with declining revenue share and volatility(p.137)
- • High dependence on single promoter with 70.2% shareholding concentration(p.190)
- • Significant goodwill impairment charge indicating valuation issues(p.220)
- • Loss-making group companies with accumulated deficits(p.193)
- • Declining associate company financial performance(p.204)
- • High concentration of trade payables with significant outstanding dues(p.203)
- • Significant decrease in other equity from 2,032.48 to 1,927.08 million(p.226)
- • High customer concentration risk with top 10 customers at 57.87% of revenue(p.252)
- • Dependence on single largest customer representing 10.97% of revenue(p.252)
- • Goodwill impairment of ₹272.64 million on Windlas Healthcare acquisition(p.231)
- • Promoter personal guarantees securing company borrowings(p.227)
- • Declining R&D expenses indicating reduced innovation investment(p.253)
- • High dependence on a concentrated customer base(p.277)
- • Goodwill impairment from Windlas Healthcare acquisition(p.269)
- • Declining profitability despite revenue growth(p.270)
- • Ongoing patent infringement litigation exposure(p.282)
- • Regulatory compliance risks and pending enforcement actions(p.283)
Opportunities
- • Domestic formulations CDMO industry projected to grow at 14% CAGR between 2020-2025(p.14)
- • Expansion into injectables dosage capability through ₹500 million capital investment(p.36)
- • Increasing outsourcing by pharma companies and shift from supplier to partner status(p.14)
- • Strong revenue growth from COVID-19 prevention and immunity products(p.25)
- • Expansion of manufacturing capacity for injectables(p.40)
- • Growth in CDMO customer base and domestic generics market(p.46)
- • International market expansion with existing product authorizations(p.44)
- • Capacity expansion at existing Dehradun Plant-IV to cater to business growth(p.82)
- • Addition of injectables dosage capability at Dehradun Plant-II with ₹435 million investment(p.84)
- • Strong growth in domestic injectables CDMO market at 11.5-12.5% CAGR through FY2025(p.128)
- • Domestic formulations CDMO market projected to reach ₹370-410 billion by FY2025(p.114)
- • Rising trend of outsourcing among Indian pharmaceutical players(p.116)
- • Chronic therapies segment expected to grow faster with rising prevalence of chronic diseases(p.120)
- • CDMO market growing at 14% CAGR vs 11% for overall formulations through 2025(p.142)
- • Chronic segment expanding at 16-18% CAGR vs acute at 11-13% through 2025(p.138)
- • Government PLI scheme promoting innovation in complex and high-tech pharmaceutical products(p.142)
- • China plus one strategy creating opportunity to capture larger Indian manufacturing share(p.142)
- • Trade generics industry growing 8.2-9.2% CAGR to reach ₹31.5-32.5 billion by 2025(p.143)
- • PMBJP scheme with 124% CAGR growth in low-cost generic medicines(p.143)
- • AB-PMJAY health assurance scheme creating institutional volume and reimbursement opportunities(p.144)
- • Semi-regulated export markets projected to grow 13-14% CAGR to US$ 13.1 billion by 2025(p.144)
- • Injectables CDMO market growing 11.5-12.5% CAGR to ₹49-53 billion by 2025(p.144)
- • Approximately 150 key products with patents expiring by 2026 offering significant growth(p.143)
- • Recent Medical Device Rules amendments increasing liability and CDMO partnership demand(p.142)
- • Planned capacity expansion using IPO proceeds(p.194)
- • Strategic acquisition of subsidiary company enhancing manufacturing capabilities(p.217)
- • IPO Committee empowered for aggressive business expansion and deal structuring(p.183)
- • High chronic disease therapy growth market at 16-18% CAGR(p.252)
- • Strategy to foray into high-growth injectables segment(p.253)
- • Growing multi-drug therapy adoption for chronic conditions(p.249)
- • Backward integration opportunity through API manufacturing capability(p.250)
- • CDMO industry consolidation expected to provide growth opportunities(p.254)
- • Expansion into new international markets(p.268)
- • Growing CDMO market and customer addition potential(p.268)
- • Scaling branded generics portfolio(p.268)
- • Strategic M&A and capacity expansion(p.273)
Threats
- • Highly fragmented and competitive CDMO industry with 300-400 organized and 15,000 unorganized players(p.27)
- • Customer risk: customers may discontinue CDMO services and manufacture in-house(p.22)
- • Regulatory uncertainty including potential pharmaceutical pricing reforms and product bans(p.27)
- • Raw material supply disruptions and price volatility including import restrictions(p.33)
- • COVID-19 pandemic impact on supply chain, operations and demand for products(p.25)
- • Price controls reducing profitability with approximately 900-1,000 formulations under price ceiling(p.33)
- • Disruption in manufacturing operations from labor disputes and natural disasters(p.37)
- • Risk of product liability and defect claims(p.38)
- • Intellectual property infringement litigation risk(p.38)
- • Competition from larger pharmaceutical companies with greater resources(p.37)
- • Dependence on third-party transportation with geographic disadvantage(p.42)
- • Foreign exchange exposure on exports and imports(p.43)
- • Economic slowdown and macroeconomic volatility in India(p.50)
- • Regulatory changes and tax law uncertainty(p.50)
- • Generic product launch delays from patent extensions and regulatory efforts(p.42)
- • Highly fragmented and competitive CDMO market with limited bargaining power(p.133)
- • Risk of customers manufacturing products in-house after achieving critical volume(p.133)
- • Increasing competition from Asian manufacturers, particularly India, obtaining FDA approvals(p.133)
- • Variation in utilisation of Net Proceeds subject to business, market and external factors(p.82)
- • Regulatory changes impacting smaller and unorganized players disproportionately(p.117)
- • Schedule M compliance requirements expected to increase capex burden on smaller manufacturers(p.117)
- • Highly fragmented and competitive CDMO industry with organized and unorganized players(p.153)
- • Competition from large pharma companies offering third-party manufacturing using excess capacity(p.153)
- • Large pharmaceutical companies divesting manufacturing capacity increasing CDMO competition(p.153)
- • Extensive pharmaceutical market regulation with risk of failures and enforcement actions(p.154)
- • Raw material supply disruptions and price volatility from commodity and currency fluctuations(p.151)
- • Customer termination rights on regulatory approval suspension or quality issues(p.154)
- • Manufacturing underutilization risk with significant spare capacity in most dosage forms(p.143)
- • CDMO agreements imposing stringent quality and product recall obligations on manufacturer(p.146)
- • Customer change of control termination rights creating business continuity risk(p.146)
- • Environmental, health and safety regulation compliance with material cost and liability risks(p.155)
- • Regulatory and government approval requirements for IPO execution(p.183)
- • Contractual obligations requiring multiple consents and waivers(p.183)
- • Litigation risks and contingent liabilities from historical tax disputes(p.223)
- • Dependence on external financing with secured lending arrangements(p.226)
- • Complex subsidiary structure with historical reorganizations and impairments(p.209)
- • Government price controls affecting formulation and CDMO margins(p.254)
- • US FDA import alert 66-40 on Windlas Healthcare facility(p.251)
- • Highly fragmented and competitive CDMO industry with 300-400 organized players(p.254)
- • Intense competition from multinational and emerging market manufacturers(p.254)
- • Patent expiry and product development timing risks(p.253)
- • COVID-19 pandemic impact on operations and supply chain(p.250)
- • Litigation risk from generic product patent challenges(p.253)
- • Intense competition in pharmaceutical industry(p.277)
- • Input cost volatility and supply chain disruptions(p.268)
- • Regulatory pricing controls and government intervention risks(p.283)
- • Currency and foreign exchange exposure(p.275)
- • Working capital and liquidity constraints(p.269)
- • Operational risks from power supply and infrastructure dependencies(p.282)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ashok Kumar Windlass | Individual Promoter | 24.17% | — |
| Hitesh Windlass | Individual Promoter | Negligible | — |
| Manoj Kumar Windlass | Individual Promoter | Negligible | — |
| AKW WBL Family Private Trust | Promoter Trust | 46.03% | — |
| AKW WBL Family Private Trust | Promoter | 46.03% | 38.46% |
| Ashok Kumar Windlass | Promoter | 24.17% | 20.19% |
| Tano India Private Equity Fund II | Promoter Group / Investor Selling Shareholder | 22.00% | — |
| Vimla Windlass | Promoter Group / Individual Selling Shareholder | 7.80% | 1.30% |
| Ashok Kumar Windlass | Promoter | — | — |
| Ashok Kumar Windlass | Promoter and Wholetime Director | 24.17% | 20.19% |
| Hitesh Windlass | Promoter and Managing Director | Negligible | Negligible |
| Manoj Kumar Windlass | Promoter and Joint Managing Director | Negligible | Negligible |
| Ashok Kumar Windlass | Promoter | 24.17% | 20.19% |
| Hitesh Windlass | Promoter | Negligible | Negligible |
| Manoj Kumar Windlass | Promoter | Negligible | Negligible |
| AKW WBL Family Private Trust | Promoter Trust | — | — |
| Ashok Kumar Windlass | Promoter | — | — |
| Hitesh Windlass | Promoter | — | — |
| Manoj Kumar Windlass | Promoter | — | — |
| Ashok Kumar Windlass | Promoter | — | — |
| Hitesh Windlass | Promoter | — | — |
| Manoj Kumar Windlass | Promoter | — | — |
Leadership
Vivek Dhariwal · Chairman and Non-Executive Independent Director
Ananta Narayan Panda · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Windlas Biotech IPO FAQs
What is the lot size of Windlas Biotech IPO?
The minimum lot size of Windlas Biotech IPO is 30 shares. One lot costs ₹13,800 at the cut-off price.
When does Windlas Biotech IPO open and close?
Windlas Biotech IPO opened for subscription on 04 Aug 2021 and closed on 06 Aug 2021.
What is the listing date of Windlas Biotech IPO?
Windlas Biotech IPO listed on 16 Aug 2021.