Tue Jan 07 10:15:18 UTC 2025: **Standard Glass Lining Technology IPO Oversubscribed by 27 Times**
**MUMBAI, INDIA – January 2, 2024** – Standard Glass Lining Technology Ltd.’s initial public offering (IPO) has been massively oversubscribed, exceeding expectations by a significant margin. As of Tuesday afternoon, the IPO was subscribed 26.96 times, following an already impressive 8.21 times subscription on its first day. This strong demand comes despite a price band set between Rs 133 and Rs 140 per share.
The IPO, aiming to raise Rs 410.05 crore (approximately $50 million USD), comprises a fresh issue of Rs 210 crore and an offer for sale of Rs 200.05 crore. The company successfully raised Rs 123 crore from anchor investors prior to the IPO launch.
The funds raised will be used for capital expenditure, including purchasing machinery and equipment for the company and its subsidiary, S2 Engineering Industry Private Limited. Further funds will be allocated towards debt repayment and strategic acquisitions.
Standard Glass Lining Technology, a leading manufacturer of specialized engineering equipment for the pharmaceutical and chemical sectors, reported strong financial performance in fiscal 2024, with revenue reaching Rs 544 crore, up from Rs 497 crore in fiscal 2023 and Rs 240 crore in fiscal 2022. Net profit also saw substantial growth.
The grey market premium (GMP) for the shares is currently estimated at Rs 94, suggesting a potential listing price of Rs 234, a 67.14% premium over the upper end of the IPO price band. It is important to note that the GMP is unofficial and based on speculation.
The allotment is expected on January 9th, with a tentative listing date of January 13th. IIFL Securities and Motilal Oswal Investment Advisors are the book-running lead managers. Investors are urged to exercise caution and consult with financial advisors before investing.
First Piper 