Windlas Biotech IPO notes ๐
'What's in a name? that which we call a rose by any other name would smell as sweet' ~Shakespeare
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1/ Basics about the IPO ๐
Incorporated in 2001
Fresh Issue of 165crs (50 for capex | 48 for Working capital | 20 for debt payment) + OFS of 237crs (Partially by promoter & PE Tano selling out as the fund tenure is up)
~ Total raise of 402crs
2/ About the company (Not a Biotech company)
A Contract manufacturer for formulation cos. (204 in total) for Indian markets & a small domestic OTC biz
3279 products, 4 plants with 700cr tablets/capsules capacity
Emphasis on chronic (60% of rev) & complex generics (70% of rev)
3/ History
Revenues:
FY11 - 100cr ๐ FY14 - 200cr ๐ FY21 - 400cr
Growth is similar to the Indian pharmaceutical sector, not gaining any market share even after increasing products.
Customers include Pfizer, Sanofi India, Eris, Cadila, etc.
4/ Competition: No Moat
400+ organized & 15000 unorganized players in the same space: 2% market share
Some of the things that can drive consolidation: Customers preferring better compliance
However, a single customer usually has 35-40 contract manufacturers for products.