Standard Glass Lining Shares End At 16% Premium Over Issue Price
Standard Glass Lining shares debuted at a premium of 25.7% on the BSE and at 22.86% on the National Stock Exchange.
Shares of Standard Glass Lining Technology Ltd. closed on the BSE at Rs 162.75 apiece, a premium of 16.2% over the issue price of Rs 140 per share. The stock ended on the National Stock Exchange at Rs 163.2 per share, marking a premium of 16.5%.
Standard Glass Lining shares debuted at a premium of 25.7% on the BSE and at 22.86% on the National Stock Exchange.
The Rs 410.05-crore IPO of Standard Glass Lining was subscribed 183.18 times on the third and final day, led by qualified institutional buyers. The issue is a combination of a fresh issue worth Rs 210 crore and Rs 200.05 crore of offer for sale.
The price band was set in the range of Rs 133–140 per share. The company raised Rs 123 crore from anchor investors the day ahead of the IPO launch, allotting 87.8 lakh shares at Rs 140 apiece to 10 anchor investors.
IIFL Securities and Motilal Oswal Investment Advisors are the book-running lead managers of the issue, and KFin Technologies Ltd. is the registrar for the offer, according to the draft red herring prospectus.
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Use Of Proceeds
Funding of capital expenditure requirements of the company towards the purchase of machinery and equipment.
Repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company and investment in the wholly owned material subsidiary, S2 Engineering Industry Pvt., for repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the unit, from banks and financial institutions.
Investment in S2 Engineering Industry, for funding its capital expenditure requirements towards the purchase of machinery and equipment.
Funding inorganic growth through strategic investments and/or acquisitions.
General corporate purposes.
Business
Standard Glass Lining Technology is one of the top five specialised engineering equipment manufacturers for pharmaceutical and chemical sectors in India, in terms of revenue, in fiscal 2024, with in-house capabilities across the entire value chain.
The company's capabilities include designing, engineering, manufacturing, assembling, installing, and commissioning solutions, as well as establishing standard operating procedures for pharmaceutical and chemical manufacturers on a turnkey basis.
