Shares of Standard Glass Lining Technology made a decent Dalal Street debut on Monday as the specialized engineering solutions provider was listed at Rs 176 on BSE, a premium of 25.71 per cent over its issue price of Rs 140 apiece. Similarly, the stock kicked off its maiden trading session with a premium of 22.86 per cent over the given issue price of Rs 172 on NSE.
Listing of Standard Glass Lining Technology has been below the expectations. Ahead of debut, shares of Standard Glass Lining Technology were commanding a grey market premium (GMP) of Rs 48-50 in the unofficial market, suggesting a listing gains of around 34-35 per cent for the investors.
The IPO of Standard Glass Lining Technology ran for bidding between January 06 and January 08. It had offered its shares in the price band of Rs 133-140 per share with a lot size of 107 shares. The company raised a total of Rs 410.05 crore via IPO, which included a fresh share sale of Rs 210 crore and offer-for-sale (OFS) of up to Rs 200.05 crore.
The issue was overall subscribed a solid 183.18 times, attracting bids for Rs 53,419.19 crore. The allocation for the qualified institutional bidders (QIBs) was subscribed 331.60 times The portion for non-institutional investors (NIIs) was subscribed 268.50 times. Allocation for retail investors was booked 64.99 times during the three-day bidding process.
Hyderabad-based Standard Glass Lining Technology, incorporated in 2012, is a manufacturer of engineering equipment for the pharmaceutical and chemical sectors in India. It provides turnkey solutions, including design, engineering, manufacturing, assembly, installation, and standard operating procedures for pharmaceutical and chemical manufacturers.
Brokerage firms were mostly positive on the issue, suggesting to subscribe to it. IIFL Securities and Motilal Oswal Investment Advisors were the book running lead managers of the Standard Glass Lining IPO, while Kfin Technologies served as the registrar for the issue.