Launch and Subscription Dates
The highly anticipated initial public offering (IPO) of Standard Glass Lining Technology Ltd. is scheduled to open for subscription from January 6 to January 8, 2025, making it the first mainboard IPO of the year.
Pre-IPO Funding and Investors
Before the IPO launch, the company successfully raised Rs 123.02 crore from esteemed anchor investors. Among the notable names are Amansa Holdings, Clarus Capital, ICICI Prudential Mutual Fund, Kotak Mahindra Trustee, Tata Mutual Fund, and the Massachusetts Institute of Technology.
IPO Pricing and Details
Price Range: Rs 133-140 per share
Total Size: Rs 410.05 crore
Investment Lot: 107 shares per bid
The offering comprises a fresh issue amounting to Rs 210 crore and an offer for sale (OFS) of approximately 1.42 crore shares, which has been scaled down from the initially planned 1.84 crore shares.
Allocation and Premium
Allocation Breakdown:
50% reserved for qualified institutional buyers
15% for non-institutional investors
35% for retail investors
The shares have a grey market premium (GMP) of Rs 88, indicating a 63% premium over the upper price band.
Use of Proceeds
The funds raised from the fresh issue will be allocated as follows:
Rs 130 crore for debt repayment
Rs 30 crore for investments in the wholly-owned subsidiary, S2 Engineering Industry
Rs 20 crore for strategic acquisitions
Rs 10 crore for new machinery and equipment
The remaining funds will be used for general corporate purposes.
Company Profile and Clients
Standard Glass Lining Technology Ltd. is renowned for its turnkey solutions catering to pharmaceutical and chemical manufacturers. Their comprehensive services include design, engineering, production, and installation. The company boasts an impressive client roster featuring top pharmaceutical players such as Aurobindo Pharma, Cadila Pharmaceuticals, Granules India, Macleods Pharmaceuticals, Piramal Pharma, and Suven Pharmaceuticals.
IPO Management and Listing
IIFL Securities and Motilal Oswal Investment Advisors are the lead managers for the IPO, with Kfin Technologies appointed as the registrar.
The share allotment is anticipated to be finalized on January 9, with a tentative listing date on the NSE and BSE set for January 13, 2025.
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