Wockhardt announces QIP launch at discounted floor price to raise Rs 1,000 crore

Pharma major Wockhardt Ltd. will be on investors' radar following the launch of its Qualified Institutional Placement (QIP), as disclosed in an exchange filing on November 6. The QIP floor price is set at Rs 1,162.25 per share, representing an 8.5 per cent markdown from Wednesday’s closing price. At its discretion, the company may further reduce this floor price by five per cent.

Wockhardt aims to secure Rs 1,000 crore through the QIP, with an additional Rs 200 crore available through a greenshoe option. Market sources report an indicative issue price of Rs 1,105 per share, translating to a 4.93 per cent concession on the SEBI-mandated floor price and a 12.98 per cent discount to its November 6 NSE closing price of Rs 1,271.

If the greenshoe option is fully exercised, Wockhardt’s equity dilution could reach 5.57 per cent of the expanded share capital. As of September, promoter holdings in the company stood at 51.99 per cent, maintaining a strong stake despite the potential dilution.

The stock has delivered impressive returns this year, soaring over 170 per cent year-to-date. Wockhardt's QIP launch marks its latest move to fuel growth while enhancing its market presence.