Windlas Biotech (WBL) shares have made a disappointing debut, as the company’s shares are listed at Rs 437, 5 per cent below its issue price of Rs 460 on the National Stock Exchange (NSE). The stock of the pharmaceuticals company, meanwhile, opened at Rs 439 on the BSE.

WBL was trading at Rs 431, down 6 per cent against the issue price on the NSE. The stock hit a high of Rs 452 and a low of Rs 405 so far in trade. A combined 1.9 million equity shares have changed hands on the counter on the NSE and BSE.

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The initial public offer (IPO) of WBL got a decent response from the investors as the issue got subscribed 22.44 times. The qualified institutional buyers (QIBs) portion was subscribed 24.4 times, the non-institutional investors (NII) or wealthy investor portion 15.73 times, and the retail amount 24.22 times.

The object of the issue was to purchase equipment required for the capacity expansion of its existing facility at Dehradun Plant IV. The company will net proceeds of the case to finance incremental working capital requirements of the company and to repayment/prepayment of the company’s borrowings.

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Windlas Biotech (WBL)-View Detailed Analysis