 "Standard Glass Lining IPO Day 2; NIIs lead charge with 66x oversubscription")
Standard Glass Lining IPO subscription status: Non-Institutional Investors (NIIs) continue to drive the demand for the initial public offering (IPO) of Standard Glass Lining Technology for the second consecutive day. The Rs 410 crore public offering of Standard Glass Lining, which opened for subscription on Monday, January 6, 2025, has received an overwhelming response from investors, getting oversubscribed by 31.19 times, primarily driven by NIIs, who have oversubscribed their reserved category by 66.70 times as of 03:45 PM on Tuesday, January 7, 2025. ALSO READ: Quadrant Future Tek IPO opens today
This has been followed by Retail Individual Investors (RIIs), who subscribed 30.60 times to their reserved portion, and Qualified Institutional Buyers (QIBs), who subscribed 4.61 times, according to data available on the National Stock Exchange (NSE).
The strong subscription aligns with grey market trends, as Standard Glass Lining's unlisted shares were trading at Rs 233, reflecting a grey market premium (GMP) of Rs 93 or 66.43 per cent over the upper end of the IPO price band of Rs 140, according to sources tracking unofficial markets.
That said, Market analysts remain bullish on the public offering of Standard Glass Lining and have broadly recommended subscribing to the issue from a long-term perspective. READ MORE
The Standard Glass Lining IPO is available at a price band of Rs 133-140 per share, with a lot size of 107 shares. The three-day subscription window to bid for the public offering is expected to close on Wednesday, January 8, 2025. Following this, the basis of allotment will tentatively be finalised on Thursday, January 9, 2025, with shares credited to demat accounts on Friday, January 10, 2025.
Shares of Standard Glass Lining are scheduled to list on the BSE and NSE on Monday, January 13, 2025.
Standard Glass Lining Technology is specialized engineering equipment manufacturers for pharmaceutical and chemical sectors in India, The company's capabilities include designing, engineering, manufacturing, assembly, installation, and commissioning solutions as well as establishing standard operating procedures for pharmaceutical and chemical manufacturers on a turnkey basis. The company's portfolio comprises core equipment used in the manufacturing of pharmaceutical and chemical products.