Standard Glass Lining Announces Price Band For Rs 410-Crore IPO
The IPO comprises both—fresh issuance of shares and offer-for-sale component. Through the fresh issue, the company aims to raise up to Rs 210 crore.
Standard Glass Lining Technology Ltd. will launch its Rs 410.05-crore initial public offering on Jan. 6 at a price band of Rs 133-140 per share. Investors can apply for a minimum of 107 equity shares and in its multiples thereafter.
The IPO comprises both—fresh issuance of shares and offer-for-sale component. Through the fresh issue, the company aims to raise up to Rs 210 crore, according to the red herring prospectus.
The OFS component comprises the sale of 1.43 crore shares by existing promoters and shareholders. At the upper end of the price band, the OFS portion of the IPO is worth Rs 200.05 crore.
Following the public issue, shares of Standard Glass Lining Technology will be listed on the NSE and the BSE.
The company's promoters — S2 Engineering, Kandula Ramakrishna, Kandula Krishna Veni and Nageswar Rao Kandula — will be selling a part of their holdings through this offer. Three other members of the promoter group and two other shareholders also plan to sell their shares.
The anchor investment round is scheduled on Friday, Jan. 3, before the offer opens for subscription on Monday. The IPO will close on Jan.8.
IIFL Securities and Motilal Oswal Investment Advisors are the merchant bankers for the issue, according to the draft papers.
The company had received SEBI's observation on Oct. 1. The firm had filed its draft IPO papers with the market regulator in July 2024.
The company is to use the proceeds from the fresh issue towards payment of debt, funding inorganic growth, and for general corporate purposes.
Standard Glass Lining's Business
The Hyderabad-based Standard Glass Lining Technology is a company that manufactures specialised engineering equipment for the pharmaceutical and chemical sectors in India. It was incorporated in September 20212.
The company 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.
The company has a diversified customer base including end users operating in a range of sectors across pharmaceutical, chemicals, paint, bio-technology and food and beverages. The customers include Aurobindo Pharma Ltd., CCL Food and Beverages Pvt. Ltd., Cadila Pharmaceutical Ltd., Granules India Ltd., Natco Pharma Ltd., and Piramal Pharma Ltd.
