Standard Glass Lining IPO Fully Subscribed

New Delhi, Jan 6 (PTI) The initial public offer of Standard Glass Lining Technology Ltd got fully subscribed within minutes of opening for share sale on Monday.

The public issue received bids for 6,70,40,315 shares against 2,08,29,567 shares on offer, translating into 3.22 times subscription, as per NSE data.

Retail Individual Investors (RIIs) part fetched 4.47 times subscription while the quota for non-institutional investors garnered 4.42 times subscription.

Standard Glass Lining Technology on Friday said it has mobilised Rs 123 crore from anchor investors.

The issue, with a price band of Rs 133-140 per share, will conclude on January 8.

The Rs 410.05 crore public issue is a combination of fresh issuance of equity shares worth Rs 210 crore and an Offer For Sale (OFS) of up to 1.43 crore shares by promoters and other selling shareholders, according to the Red Herring Prospectus (RHP).

S2 Engineering Services, Kandula Ramakrishna, Kandula Krishna Veni, Nageswara Rao Kandula, Standard Holdings, Katragadda Venkata Ramani, and Venkata Siva Prasad Katragadda are among shareholders selling shares through the OFS route.

Proceeds from the fresh issue to the extent of Rs 130 crore will be used by the company for debt repayment and Rs 30 crore for investment in a wholly-owned subsidiary S2 Engineering Industry.

Funds worth Rs 20 crore will also be utilised by the company towards inorganic growth through strategic investments or acquisitions, Rs 10 crore for the purchase of machinery and equipment and a portion will also be used for general corporate purposes.

Standard Glass Lining Technology offers comprehensive solutions that encompass design, engineering, manufacturing, assembly, installation, and commissioning and establishing standard operating procedures for pharmaceutical and chemical manufacturers on a turnkey basis.

Some of its pharma clients, include Aurobindo Pharma, Cadila Pharmaceutical, Granules India Ltd, Macleods Pharmaceuticals, Piramal Pharma, and Suven Pharmaceuticals.

IIFL Capital Services Ltd (formerly known as IIFL Securities Ltd) and Motilal Oswal Investment Advisors Ltd are the book running lead managers, while KFin Technologies is the registrar for the issue.

The shares will be listed on the BSE and the National Stock Exchange (NSE).