Standard Glass Lining Technology IPO sees stellar demand with 182.57 times subscription – Newz9

NEW DELHI: Standard Glass Lining Technology Ltd’s preliminary public providing (IPO) witnessed a rare 182.57-times subscription on remaining bidding day on Wednesday. The Rs 410.05-crore IPO attracted bids for 3,80,27,59,991 shares towards 2,08,29,567 shares provided, as per NSE information.
The QIBs section was oversubscribed by 331.60 times, while non-institutional traders’ class reached 267.99 times. Meanwhile, retail particular person traders’ quota attained 63.99 times subscription.
The firm’s IPO had already achieved full subscription shortly after opening for on Monday. The group secured Rs 123 crore from anchor traders on Friday.
Standard Glass Lining Technology share providing was priced between Rs 133-140 per share.
The public situation contains recent fairness shares price Rs 210 crore and an OFS of as much as 1.43 crore shares by promoters and different promoting shareholders, as detailed within the RHP.
The recent situation proceeds allocation contains Rs 130 crore for debt compensation, Rs 30 crore for funding in S2 Engineering Industry subsidiary, Rs 20 crore for strategic investments or acquisitions, Rs 10 crore for equipment and gear purchases, with remaining funds for basic company functions.
The shares can be accessible for buying and selling on each BSE and NSE.
About the corporate
Standard Glass Lining stands as one in every of India’s effectively-recognized specialised engineering gear producers for pharmaceutical and chemical sectors.
The group delivers full options, together with design, engineering, manufacturing, meeting, set up and commissioning providers. Additionally, they set up operational protocols for pharmaceutical and chemical producers via turnkey ventures.
The group achieved Rs 544 crore in operational income in FY24, marking a 9% improve from the earlier 12 months, while revenue after tax rose by 13% to Rs 60 crore. For the six months ending September 2024, the corporate generated revenues of Rs 307 crore and income of Rs 36 crore.
IIFL Capital Services and Motilal Oswal Investment Advisors served as the problem’s e-book-operating lead managers, while KFin Technologies was because the registrar.