Wed Jan 08 06:16:16 UTC 2025: ## Standard Glass Lining IPO Oversubscribed on Day Two

**Mumbai, January 8, 2025** – The initial public offering (IPO) of Standard Glass Lining Technology Ltd (SGLT), India’s top-five specialized engineering equipment manufacturer for the pharmaceutical and chemical sectors, concluded its two-day bidding period today with overwhelming success. The ₹410.05 crore IPO, comprising a fresh issue of ₹210 crore and an offer for sale (OFS), was oversubscribed by a significant margin. Final figures show the IPO was subscribed 31.21 times overall, a substantial increase from the first day’s figures. The retail investor portion was subscribed 31.04 times, while the Non-Institutional Investor (NII) category saw a remarkable 67.22 times subscription, and the Qualified Institutional Buyers (QIB) portion was subscribed 4.5 times.

The IPO, priced between ₹133 and ₹140 per share, attracted strong interest from investors, boosted by a robust grey market premium (GMP) reaching ₹96 per share by day’s end. This indicates a potential listing price of ₹236, a premium of approximately 68.57% over the upper price band.

SGLT, established in 2012, provides turnkey solutions encompassing design, engineering, manufacturing, installation, and commissioning for pharmaceutical and chemical producers. The company reported strong financial performance, with revenue growing from ₹240.2 crore in FY22 to ₹543.7 crore in FY24, reflecting a CAGR of 50.5%. The company boasts an extensive client list, including several prominent names in the NSE 500 index, and operates eight manufacturing facilities with advanced technological capabilities.

Proceeds from the fresh issue will primarily be used to repay debts (₹130 crore) and invest in its subsidiary, S2 Engineering Industry (₹30 crore). SGLT’s strong financial metrics, including an average EBITDA margin of 17.2%, PAT margin of 10.7%, and RoE of 28.5% (FY22-24), contributed to investor confidence. The company’s growth strategy includes product expansion, capacity increases, and expanding its domestic and export sales.

Analysts have largely given the IPO a “subscribe” rating, citing SGLT’s market leadership, strong financials, and significant growth potential within the expanding glass-lined equipment industry. The allotment is expected to be finalized on January 9th, 2025, with refunds and credit to demat accounts on January 10th, and listing scheduled for January 13th.

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