Tue Jan 07 19:01:30 UTC 2025: **Standard Glass Lining IPO Oversubscribed on Day 2**
**MUMBAI, INDIA – January 8, 2025** – The initial public offering (IPO) of Standard Glass Lining Technology Ltd (SGLT), the first major mainboard IPO of 2025, concluded its two-day bidding period today with overwhelming investor response. The ₹410.05 crore IPO, comprising a fresh issue of ₹210 crore and an offer for sale (OFS) by promoters and stakeholders, was oversubscribed by a significant margin. Final figures showed the issue was subscribed 31.21 times overall. Retail investors showed particularly strong interest, with their portion oversubscribed 31.04 times. The Non-Institutional Investor (NII) category saw 67.22 times oversubscription, while the Qualified Institutional Buyer (QIB) category was subscribed 4.5 times.
The company, a leading manufacturer of specialized engineering equipment for the pharmaceutical and chemical industries, offers turnkey solutions from design to installation. SGLT reported strong financial performance, with revenue growing from ₹240.2 crore in FY22 to ₹543.7 crore in FY24, a compound annual growth rate (CAGR) of 50.5%. The company’s robust order book stands at ₹450 crore. Its strong financials and positive industry outlook contributed to the high demand.
The IPO price band was set at ₹133-₹140 per share. The grey market premium (GMP) reached ₹96 per share on the second day of bidding, suggesting a potential listing price significantly above the offer price.
The funds raised will be used to repay debts, invest in a subsidiary, and support inorganic growth. Analysts have issued largely positive recommendations for the IPO, citing SGLT’s market position, financial strength, and growth prospects. The allotment is expected to be finalized on January 9th, with refunds and credit to demat accounts on January 10th. The shares are slated to list on January 13th.
First Piper 