Manufacturer of pharmaceutical formulations Windlas Biotech's three-day initial public offer (IPO) will open for subscription on August 4 and conclude on August 6. The company has fixed a price band of ₹448-460 a share for its initial share sale. At the upper end of the price band, the initial share sale will fetch ₹401.53 crores.

The IPO comprises fresh issuance of equity shares worth ₹165 crores and an offer for sale of up to 5,142,067 equity shares. As a part of the OFS, Vimla Windlass will offload 11.36 lakh equity shares, and investor Tano India Private Equity Fund II will sell 40,06,067 equity shares.

The proceeds from the IPO will be utilised for purchasing of equipment required for capacity expansion of the facility at Dehradun Plant -IV and addition of injectables dosage capability at the facility at Dehradun Plant-II. It will also be used for funding incremental working capital requirements, repayment/ prepayment of certain borrowings and general corporate purposes.

The company was founded in the year 2001 and it provides pharmaceutical development services, large scale manufacturing services and affordable products. The company has four state-of-the-art manufacturing facilities in Dehradun, Uttarakhand, India. The company markets its manufactured nutraceutical pharmaceutical and ayurvedic products to serve the semi-urban and rural communities. Its sales force is spread across 14 states in India.

Half of the issue size i.e., 50% has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Book running lead managers to the issue are SBI Capital Markets Ltd, DAM Capital ad IIFL Securities.

The firm is amongst the top five players in the domestic pharmaceutical formulations contract development and manufacturing organization (CDMO) industry in India in terms of revenue. It has also two strategic operations naming domestic Trade Generics and over the counter (OTC) Brands; and exports.