NEW DELHI: Standard Glass Lining Technology Ltd’s initial public offering (IPO) witnessed an extraordinary 182.57-times subscription on final bidding day on Wednesday. The Rs 410.05-crore IPO attracted bids for 3,80,27,59,991 shares against 2,08,29,567 shares offered, as per NSE data.
The QIBs segment was oversubscribed by 331.60 time, whilst non-institutional investors’ category reached 267.99 times. Meanwhile, retail individual investors’ quota attained 63.99 times subscription.
The company’s IPO had already achieved full subscription shortly after opening for on Monday. The organisation secured Rs 123 crore from anchor investors on Friday.
Standard Glass Lining Technology share offering was priced between Rs 133-140 per share.
The public issue comprises fresh equity shares worth Rs 210 crore and an OFS of up to 1.43 crore shares by promoters and other selling shareholders, as detailed in the RHP.
The fresh issue proceeds allocation includes Rs 130 crore for debt repayment, Rs 30 crore for investment in S2 Engineering Industry subsidiary, Rs 20 crore for strategic investments or acquisitions, Rs 10 crore for machinery and equipment purchases, with remaining funds for general corporate purposes.
The shares will be available for trading on both BSE and NSE.
About the company
Standard Glass Lining stands as one of India’s well-known specialised engineering equipment manufacturers for pharmaceutical and chemical sectors.
The organisation delivers complete solutions, including design, engineering, production, assembly, installation and commissioning services. Additionally, they establish operational protocols for pharmaceutical and chemical manufacturers through turnkey ventures.
The organisation achieved Rs 544 crore in operational revenue in FY24, marking a 9% increase from the previous year, whilst profit after tax rose by 13% to Rs 60 crore. For the six months ending September 2024, the company generated revenues of Rs 307 crore and profits of Rs 36 crore.
IIFL Capital Services and Motilal Oswal Investment Advisors served as the issue’s book-running lead managers, whilst KFin Technologies was as the registrar.