The Initial Public Offer (IPO) of Standard Glass Lining Technology saw a huge response, with bids for 380.27 crore shares, compared to just 2.08 crore shares available. This means the issue was subscribed 182.57 times.
The IPO opened for bidding on January 6, 2025, and closed on January 8, 2025. The price for each share was set between Rs 133 and Rs 140. Investors could bid for a minimum of 107 shares, and more in multiples of 107.
The IPO consists of two parts: a fresh issue of equity shares worth Rs 210 crore, and an offer for sale (OFS) of up to 1.42 crore shares. Out of the OFS, the promoters and their group sold 1.32 crore shares, and the remaining 10.64 lakh shares were sold by other shareholders.
The company plans to use the proceeds from the new equity issue for several purposes. Rs 10 crore will be used for capital spending, Rs 130 crore will go to pay off loans of the company and its subsidiary, S2 Engineering Industry. Another Rs 30 crore will be invested in the subsidiary, and Rs 20 crore will be used for strategic investments or acquisitions. The remaining funds will be used for general business needs.
As of September 2024, the company’s total borrowings stood at Rs 198.33 crore.
Before the IPO, Standard Glass Lining Technology raised Rs 123.01 crore from anchor investors on January 3, 2025. The company allotted 87.86 lakh shares at Rs 140 each to 10 anchor investors.
The company is one of the top five manufacturers of special engineering equipment for the pharmaceutical and chemical industries in India. It designs and makes key equipment used in the production of pharmaceutical and chemical goods. These include reaction systems, storage, separation, and drying systems (SSD systems), as well as plant engineering and other related parts.
For the six months ending in September 2024, the company reported a profit of Rs 34.26 crore and sales of Rs 307.20 crore.
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