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Standard Glass IPO Oversubscribed 34.82 Times

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By Rediff Money Desk, New Delhi   Jan 07, 2025 17:55

Standard Glass Lining Technology's IPO received 34.82 times subscription on day 2, with strong demand from non-institutional investors and retail investors. The IPO was fully subscribed on the first day.
Standard Glass IPO Oversubscribed 34.82 Times
Illustration: Dominic Xavier/Rediff.com
New Delhi, Jan 7 (PTI) The initial share sale of Standard Glass Lining Technology Ltd received 34.82 times subscription on the second day of offer on Tuesday.

The initial public offer got bids for 72,53,55,782 shares against 2,08,29,567 shares on offer, according to data available with the NSE.

The portion for non-institutional investors received 78.14 times subscription while the Retail Individual Investors (RIIs) part got subscribed 32.83 times. The category for Qualified Institutional Buyers (QIBs) fetched 4.69 times subscription.

The initial public offer of Standard Glass Lining Technology Ltd got fully subscribed within minutes of opening for share sale on Monday and finally ended the day with 13.32 times subscription.

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

The issue has a price band of Rs 133-140 per share.

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 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 National Stock Exchange (NSE).
Source: PTI
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