The initial public offering (IPO) of Standard Glass Lining Technology opens for bidding on Monday, January 6, 2025. The company is offering its shares in the range of Rs 133-140 apiece. Investors can apply for a minimum of 107 equity shares and its multiples thereafter. Three-day bidding for the issue shall close for bidding on Wednesday, January 8, 2025.
Incorporated in September 2012, Hyderabad-based Standard Glass Lining Technology is a manufacturer of engineering equipment for the pharmaceutical and chemical sectors in India. The company has the capability to manage the entire production process in-house.
The IPO of Standard Glass includes a fresh share sale of Rs 210 crore and offer-for-sale (OFS) of 1,42,89,367 equity shares by its existing shareholders and promoter entities amounting to Rs 200 crore. At the upper end of the issue, the company is looking to raise a total of Rs 410 crore. Anchor book for the issue opens on Friday, January 3, 2025.
The net proceeds from the issue shall be utilised towards fund the capital expenditure requirements of the company; repayment or prepayment of certain outstanding borrowing availed by the company and its subsidiaries; investment in wholly owned material subsidiaries; funding inorganic growth; and general corporate purposes.
Standard Glass provides turnkey solutions, including design, engineering, manufacturing, assembly, installation, and standard operating procedures for pharmaceutical and chemical manufacturers. It manufactures specialised engineering equipment using glass-lined materials, stainless steel, and nickel alloy. It has eight manufacturing units situated in Hyderabad.
Earlier this month, Standard Glass Lining raised Rs 40 crore via pre-IPO funding from Amansa Investments as it issued 28,57,142 equity shares a price of Rs 140 per share, in consultation with the lead bankers. This transaction represented 1.55 per cent of the company’s pre-offer share capital.
Standard Glass reported a net profit of Rs 36.27 crore with a revenue of Rs 312.1 crore for the six months ended on September 30, 2024. The company's revenue came in at Rs 549.68 crore with a revenue of Rs 60.01 crore for the financial year ended on March 31, 2024.
Standard Glass Lining Technology has reserved 50 per cent equity shares for qualified institutional bidders (QIBs), while 15 per cent of the offer has been allocated towards the non-institutional investors (NIIs). Retail investors will get remaining 35 per cent of the allocation in the IPO.
IIFL Securities and Motilal Oswal Investment Advisors are the book running lead managers of the Standard Glass Lining IPO, while Kfin Technologies is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE with January 13, Monday as the tentative date of listing.