Standard Glass Lining IPO : The initial public offering (IPO) of Standard Glass Lining Technology Ltd was subscribed 34.82 times till Tuesday, the second day of share sale. According to data available with NSE, the IPO received bids for 72,53,55,782 shares against the offer of 2,08,29,567 shares. The portion of non-institutional investors was subscribed 78.14 times. While the portion of retail individual investors (RII) received subscription 32.83 times. The company’s shares are seen trading at a premium of 68.57 percent in the gray market.
What use will the IPO money be used for?
Apart from this, the qualified institutional buyers (QIB) category received 4.69 times subscription. Standard Glass Lining Technology had raised Rs 123 crore from anchor investors on Friday. The price band of this IPO is Rs 133-140 per share. The company will use Rs 130 crore raised from the fresh issue to repay debt and Rs 30 crore to invest in its wholly owned subsidiary S2 Engineering Industries. The company’s shares will be listed in BSE and National Stock Exchange (NSE).
Indo Farm Equipment shares closed 27% higher
On the other hand, shares of Indo Farm Equipment closed with an increase of more than 27 percent from its issue price of Rs 215 on the first day. The company’s shares opened at Rs 258.40 on BSE, a rise of 20.18 per cent from the issue price. After this it rose by 33.44 percent to reach Rs 286.90. At the end of trading, the shares closed at Rs 272.70, up 26.83 percent. It was listed on NSE at Rs 256 with a gain of 19 percent. Later the shares closed 27.29 per cent higher at Rs 273.69. The market valuation of the company stood at Rs 1,310.37 crore. Indo Farm Equipment’s IPO had received 227.57 times subscription till the last day of bidding on Thursday. The price band for the company’s Rs 260 crore IPO was fixed at Rs 204-215 per share. Indo Farm Equipment manufactures tractors, pick and carry cranes and other farm equipment.
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