The IPO of Standard Glass Lining Technology Limited has received excellent support from investors. The IPO was subscribed 182.57 times on the last day on Wednesday. The Rs 410.05 crore IPO received bids for 3,80,27,59,991 shares against the offer of 2,08,29,567 shares, according to National Stock Exchange (NSE) data. According to PTI news, the qualified institutional buyers (QIB) portion received 331.60 times subscription, while the non-institutional investors category received 267.99 times subscription. The retail individual investors (RII) quota received 63.99 times subscription.
Price band Rs 133-140 per share
According to the news, the IPO of Standard Glass Lining Technology Limited was fully subscribed within minutes of opening for share sale on Monday. Standard Glass Lining Technology has raised Rs 123 crore from anchor investors. The price band of this issue is Rs 133-140 per share. According to the red herring prospectus (RHP), the public issue is a combination of fresh issue of equity shares worth Rs 210 crore and offer for sale (OFS) of up to 1.43 crore shares by promoters and other selling shareholders.
Where will the funds raised be used?
The company will use Rs 130 crore raised from the new issue to repay company loan and Rs 30 crore to invest in its wholly owned subsidiary S2 Engineering Industries. Rs 20 crore of funds will be used by the company for inorganic growth through strategic investments or acquisitions, Rs 10 crore will be used for purchase of machinery and equipment and a portion will also be used for general corporate purposes.
what does the company do
Standard Glass Lining Technology provides comprehensive solutions that include design, engineering, manufacturing, assembly, installation, commissioning and establishment of standard operating procedures for pharmaceutical and chemical manufacturers on a turnkey basis. Its pharma clients include Aurobindo Pharma, Cadila Pharmaceutical, Granules India Limited, McLeods Pharmaceuticals, Piramal Pharma and Suven Pharmaceuticals.
How much is GMP?
Shares of Standard Glass Lining Technology are performing well at gray market premium (GMP) on Wednesday. According to stock market experts, Standard Glass Lining IPO GMP is priced at ₹97 per share on January 8. This means that in the gray market, shares of Standard Glass Lining Technology are trading at ₹236 per share, which is 69% higher than the issue price of ₹140 per share.
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