Standard Glass Lining IPO opens on Jan 6: Check GMP, dates & other details

As the Standard Glass Lining IPO approaches, here are the key highlights from the company's RHP that every investor should know

Standard Glass Lining IPO: Standard Glass Lining Technology, a manufacturer of engineering equipment, is gearing up for its initial public offering (IPO), set to open for public subscription on Monday, January 6, 2025. According to the company's red herring prospectus (RHP), bidding for anchor investors will precede this, commencing on Friday, January 3, 2025.

 

Meanwhile, the company's unlisted shares traded flat on Wednesday, January 1, 2025, revealed sources tracking grey market activities. Thus, the grey market premium (GMP) of Standard Glass Lining remained at nil as of January 1.

 

As the IPO approaches, here are the key highlights from the company's RHP that every investor should know:

 

 

Standard Glass Lining IPO details

At the upper end, Standard Glass Lining seeks to raise Rs 410.05 crore by offering a fresh issue of 15 million equity shares and an offer for sale (OFS) with promoters and other shareholders offloading up to 1.43 million equity shares with a face value of Rs 10.

 

Standard Glass Lining price band, lot size

Standard Glass Lining has set the price band at Rs 133-140 per share, with a lot size of 107 shares. Accordingly, investors can bid for a minimum of 107 shares and in multiples thereof. A retail investor would require a minimum of Rs 14,980 to bid for one lot of 107 shares of Standard Glass Lining IPO. Further, to bid for a maximum of 13 lots of 1,391 shares, a retail investor would require Rs 1,94,740.

 

Standard Glass Lining IPO key dates

The subscription window for Standard Glass Lining IPO will open on Friday, November 22, 2024, and close on Tuesday, November 26, 2024.

 

The basis of allotment will tentatively be finalised on Wednesday, November 27, 2024, and shares will be credited to demat accounts on Thursday, November 28, 2024. 

 

Standard Glass Lining shares are likely to be listed on NSE and BSE on Friday, November 29, 2024.  Also Read: Leo Dry Fruits IPO Details

 

Standard Glass Lining IPO objective

Standard Glass Lining will not receive any proceeds from the offer for sale. "Each of the selling shareholders will be entitled to its respective portion of the proceeds of the offer for sale, net of their proportion of the offer-related expenses and relevant taxes thereon," said Standard Glass Lining in its RHP.

 

Further, Standard Glass Lining intends to utilise the proceeds from the fresh issue for funding capital expenditure requirements towards the purchase of machinery and equipment, and for the repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company. Additionally, it aims to invest in its wholly-owned material subsidiary, S2 Engineering Industry, for repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by S2 Engineering Industry from banks and financial institutions.

 

The company also intends to use proceeds for investment in S2 Engineering Industry for funding its capital expenditure requirements towards the purchase of machinery and equipment, as well as for funding inorganic growth through strategic investments and/or acquisitions and for general corporate purposes.  Also Check: Citichem India IPO allotment

 

Standard Glass Lining Registrar, lead manager

KFin Technologies is the registrar for the Standard Glass Lining IPO, while IIFL Securities and Motilal Oswal Investment Advisors are the book-running lead managers for the public offering.

 

Standard Glass Lining financial details

According to the data available in the RHP, Standard Glass Lining's net profit attributable to the owners of the company rose to Rs 58.38 crore in FY24, up 9.28 per cent from Rs 53.42 crore reported in FY23, and 132.22 per cent from Rs 25.14 crore reported in FY22.

 

The company's revenue from operations jumped to Rs 543.66 crore, up 9.26 per cent from Rs 497.58 crore reported in FY23, and 126.35 per cent from Rs 240.18 crore reported in FY22.

 

On the flip side, the company's expenses also increased to Rs 469.88 crore in FY24, up 8.86 per cent from Rs 428.22 crore reported in FY23, and 106.14 per cent from Rs 207.73 crore reported in FY22.

 

About Standard Glass Lining Technology

Standard Glass Lining Technology, as outlined in the RHP, is one of the top five specialised engineering equipment manufacturers for the pharmaceutical and chemical sectors in India, in terms of revenue in fiscal 2024 (Source: F&S Report), with in-house capabilities across the entire value chain. 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.