The offer received bids for 27.75 crore shares as against 2.08 crore shares on offer.
The initial public offer (IPO) of Standard Glass Lining Technology received 27,75,00,862 bids for shares as against 2,08,29,567 shares on offer, according to stock exchange data at 17:00 IST on Monday (6 January 2024). The issue was subscribed 13.32 times.The issue opened for bidding on 6 January 2024 and it will close on 8 January 2024. The price band of the IPO is fixed between Rs 133 and 140 per share. An investor can bid for a minimum of 107 equity shares and in multiples thereof.
The initial public offer comprises a fresh issue of equity shares of Rs 210 crore and an offer for sale (OFS) of up to 1,42,89,367 equity shares of Rs 10 face value each.
Of the OFS, sales from promoters and promoter group are 1,32,25,367 equity shares, and the balance of 1064000 equity shares is from other selling shareholders.
Of the net proceeds from the fresh equity issue, Rs 10 crore will be used for capital expenditure, Rs 130 crore for repaying loans of the company and its subsidiary, S2 Engineering Industry, Rs 30 crore for capex investment in S2 Engineering Industry, Rs 20 crore for strategic investments or acquisitions, and the balance for general corporate purposes.
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Total consolidated outstanding borrowings as of end of September 2024 stood at Rs 198.335 crore.
Ahead of the IPO, Standard Glass Lining Technology on Friday, 3 January 2024, raised Rs 123.01 crore from anchor investors. The board allotted 87.86 lakh shares at Rs 140 each to 10 anchor investors.
Standard Glass Lining Technology is one of the top five specialised engineering equipment manufacturers for pharmaceutical and chemical sectors in India with in-house capabilities across the entire value chain.
The companys portfolio comprises core equipment used in the manufacturing of pharmaceutical and chemical products, which can be categorized into: reaction systems; storage, separation, and drying systems (SSD systems); and plant engineering, and services (including other ancillary parts).
The firm reported a consolidated net profit of Rs 34.26 crore and sales of Rs 307.20 crore for the six months ended on 30 September 2024.
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