On Monday, January 13, Standard Glass Lining Technology shares debuted at ₹172 on the NSE, up 22.8% from the issue price of ₹140. On BSE, it was listed for ₹176, up 25.71%.
Standard Glass Lining’s ₹410 crore IPO was offered for subscriptions from January 6 to January 8. The IPO price band was set at ₹133-140 per equity share.
Following three days of bidding, the Standard Glass Lining IPO ended with exceptional demand, earning 185.48 times bids. The IPO received bids for 380.27 crore shares, with 2.05 crore on offer. The retail investor segment was booked 65.71 times, while non-institutional investors (NII) were subscribed to 275.21. Meanwhile, the Qualified Institutional Buyers quota was bid 327.76 times during three days of bidding.
About the IPO
Standard Glass Lining’s initial public offering (IPO) raised ₹410.05 crore. The offering was a mix of a fresh issue of 1.50 crore shares, aggregating to ₹210 crores and an offer for sale of 1.43 crore shares, totalling ₹200.05 crores. Retail investors can apply with a lot size of 107 shares and a minimum investment of ₹14,980.
The Standard Glass Lining IPO garnered ₹123 crore from anchor investors before its January 3, 2024 IPO date.
The company intends to use the net profits from its fundraising drive to pursueseveralf strategic goals. A portion of the cash will be used to meet its capital expenditure requirements, specifically the purchase of machinery and equipment to improve operational efficiency. Additionally, the profits will be used to repay or prepay some outstanding borrowings, either partially or totally. This repayment approach applies to the company’s wholly owned subsidiary, S2 Engineering Industry Private Limited, which can satisfy its financial obligations with banks and financial institutions.
Furthermore, the firm wants to invest in S2 Engineering Industry Private Limited to meet its capital expenditure needs, primarily for the purchase of machinery and equipment, as well as to promote growth and innovation. A substantial emphasis will also be made on supporting inorganic expansion through strategic investments and acquisitions to broaden its corporate base. The remaining proceeds will be used for general corporate purposes, ensuring organizational growth and financial stability.
IIFL Securities and Motilal Oswal Investment Advisors were the book-running lead managers for the Standard Glass Lining IPO, and Kfin Technologies Limited served as the registrar.
About the Company
Standard Glass Lining Technology Limited, founded in September 2012, manufactures technical equipment for the pharmaceutical and chemical sectors in India. The organization has extensive in-house capabilities, overseeing the full production process from beginning to end. Standard Glass Lining Technology Limited provides full solutions to its clients, including design, engineering, production, assembly, installation, and the creation of standard operating procedures. These services are designed expressly to meet the needs of pharmaceutical and chemical businesses, providing smooth integration and operational efficiency.
Financially, the company has shown strong development, with sales increasing by 10% and profit after tax (PAT) increasing by 12% during the fiscal years ending March 31, 2024 and March 31, 2023. This accomplishment demonstrates its strong market presence and operational efficiency.
