Standard Glass Lining Technologies IPO: The IPO consists of promoters and other shareholders offering 1.4 crore shares for sale, as well as the new issuance of equity shares valued at Rs 210 crore.
One of the top five specialized engineering equipment manufacturers in India for the chemical and pharmaceutical industries, Standard Glass Lining Technology, filed a red herring prospectus with the Registrar of Companies on December 30 to announce that the initial public offering (IPO) would open for subscriptions on January 6.
The anchor book for institutional investors will open on January 3, while general subscriptions will close on January 8. The share allotment will be finalised by January 9, and trading in Standard Glass shares will begin on the BSE and NSE on January 13.
The share allotment would be finalized by January 9, while trading in Standard Glass shares will begin on the BSE and NSE on January 13.
The IPO consists of a new issuance of equity shares worth Rs 210 crore and an offer-for-sale of 1.4 crore shares by promoters and other stakeholders.
The IPO consists of a new issuance of equity shares worth Rs 210 crore and an offer-for-sale of 1.4 crore shares by promoters and other shareholders.
The size of the fresh offering has been decreased from Rs 250 crore to Rs 210 crore following the pre-IPO placement. On December 16, the business issued 28,57,142 equity shares (representing 1.55% of the pre-offer paid up equity) to Amansa Investments under the private placement at a price of Rs 140 per share.
In reality, prior to the pre-IPO round, the Hyderabad-based company’s proprietors, Kandula Ramakrishna and Kandula Krishna Veni, sold 20,25,349 and 17,29,284 shares, respectively, to specific individuals and companies on December 11, this year, at the same price of Rs 140 per share.
According to the red herring prospectus, the promoters own 72.49 percent of the company, with the remaining 27.51 percent held by public shareholders such as Monoform Management Support Co, Asahi Glassplant Inc, and Amansa Investments.
The company manufactures essential equipment which are used in the production of pharmaceutical and chemical products. In terms of sales in the fiscal 2024, it is also one of India’s top three manufacturers of glass-lined, stainless steel, and nickel alloy-based specialized engineering equipment, as well as a provider of polytetrafluoroethylene (PTFE)-lined pipes and fittings.
The book is running lead managers for the Standard Glass Lining IPO are IIFL Capital Services and Motilal Oswal Investment Advisors.