Standard Glass Lining Technology Ltd IPO initial public offering (IPO) recently concluded with significant investor interest. Here’s a comprehensive overview of the IPO details:
Company Overview Standard Glass Lining:
Established in September 2012, Standard Glass Lining Technology Ltd is a leading manufacturer of specialized engineering equipment for the pharmaceutical and chemical sectors in India. Their product portfolio includes reaction systems, storage, separation and drying systems, and comprehensive plant engineering services. The company serves prominent clients such as Aurobindo Pharma, Laurus Labs, and Granules India.
IPO Details:
Issue Period: January 6 to January 8, 2025.
Issue Size: ₹410.05 crore, comprising a fresh issue of ₹210 crore and an offer-for-sale (OFS) of up to 1.43 crore equity shares by promoters and other stakeholders.
Price Band: ₹133 to ₹140 per share.
Lot Size: 107 shares, requiring a minimum investment of ₹14,980.
Listing Date: Shares are scheduled to be listed on the BSE and NSE on January 13, 2025.
Subscription Details: The IPO received an overwhelming response, with a total subscription of 182.57 times:
Qualified Institutional Buyers (QIBs): Subscribed 331.60 times.
Non-Institutional Investors (NIIs): Subscribed 267.99 times.
Retail Individual Investors (RIIs): Subscribed 63.99 times.
Utilization of Funds: Proceeds from the fresh issue are allocated for:
Capital Expenditure: ₹10 crore for plant and machinery upgrades.
Debt Repayment: ₹130 crore to reduce financial liabilities.
Investment in Subsidiary: ₹30 crore for S2 Engineering.
Inorganic Growth Initiatives: ₹20 crore.
General Corporate Purposes.
Grey Market Premium (GMP): As of January 9, 2025, the GMP stood at ₹91 per share, indicating a potential listing price of ₹231 per share, which represents a 65% premium over the upper price band.
Allotment and Listing:
Basis of Allotment: Finalized on January 9, 2025.
Initiation of Refunds: Commenced on January 10, 2025.
Credit of Shares to Demat Accounts: Completed on January 10, 2025.
Listing Date: Scheduled for January 13, 2025.
Registrar and Lead Managers of Standard Glass Lining IPO Allotment:
Registrar: KFin Technologies Ltd.
Lead Managers: IIFL Securities Ltd and Motilal Oswal Investment Advisors.
Investors are advised to check the allotment status through the registrar’s website or their respective brokers. Given the high subscription rates, especially in the retail segment, allotment is expected to be competitive.
Please note that investment in IPOs carries market risks. It’s essential to conduct thorough research or consult financial advisors before making investment decisions.
FAQs about the Standard Glass Lining IPO:
What is the price band and lot size of the Standard Glass Lining IPO?
Answer: The price band is ₹133 to ₹140 per share, and the lot size is 107 shares. The minimum investment required is ₹14,980.
When will the allotment status for the IPO be announced?
Answer: The allotment status was finalized on January 9, 2025. Investors can check their allotment on the registrar’s website, KFin Technologies, or through their broker.
What are the objectives of the IPO?
Answer:
To invest in plant and machinery upgrades.
To repay debts, reducing financial liabilities.
To fund inorganic growth initiatives and invest in the subsidiary S2 Engineering.
General corporate purposes.
How well was the IPO subscribed?
Answer: The IPO was highly oversubscribed:
QIBs: 331.60 times
NIIs: 267.99 times
RIIs: 63.99 times
