Windlas Biotech (WBL) shares extended their decline and were trading lower for the third straight day since listing. In the intra-day trade on Wednesday, the shares dropped 4 per cent at Rs 385.50 on the BSE and are down 16 per cent from their issue price of Rs 460 per share. The stock of the pharmaceutical company had debuted on Monday, August 16, 2021.

The company had raised Rs 402 crore through an initial public offer (IPO) and proposed to utilise the funds to purchase equipment required for the capacity expansion of its existing facility at Dehradun Plant IV. The company will use the net proceeds of the issue to finance incremental working capital requirements and to repay/prepay the company’s borrowings.

WBL is a leading Contract Development Manufacturing Organisation (CDMO) focusing on the chronic therapeutic category. With more than two decades of experience in manufacturing both solid and liquid pharmaceutical dosage forms, WBL provides a comprehensive range of CDMO services, including product discovery, product development, licensing and commercial manufacturing of generic products.