Standard Glass Lining IPO booked over 182 times on Day 3; share allotment tomorrow; here’s how to check status online

Standard Glass Lining Technology IPO closed on Wednesday, January 8, with a whopping subscription of over 182 times.

The public offer opened for subscription on January 6 to raise ₹410.05 crore from investors through the IPO.

The IPO received a strong response from investors on the first day, as the issue was booked 13 times. More bids poured in on the second day, with the issue closing the day with over 35 times of subscriptions.

The mainboard issue received applications for over 380.28 crore shares against 2.08 crore shares on offer, leading to a subscription of 182.57 times as per the NSE data till 5 pm.

The Qualified Institutional Buyers’ category was booked 331.6 times with bids for 192 crore shares against 57.9 lakh shares on offer. The Non-Institutional Investors’ (NIIs) segment received bids for more than 120.91 crore shares against 45.11 lakh shares on offer, leading to a subscription of 268 times in the category. The retail portion of the IPO was overbought 64 times, with bids for 67.37 crore shares against 1.05 crore shares reserved for the category.

The investors who participated in the Standard Glass Lining Technology IPO are now waiting for the company to finalise the IPO share allotment status. The company is scheduled to decide on January 9.

IPO bidders can check the share allotment status on the websites of the NSE and BSE and issue registrar Kfin Technologies Limited.

How to check Standard Glass Lining IPO allotment status on registrar’s website

• Visit IPO allotment status page on KfinTechnologies website: https://ipostatus.kfintech.com/
• Click on the dropdown menu for IPO names and choose Standard Glass Lining Technology
• Enter application number, PAN, or client ID
• Enter details as per your selection
• Clear Captcha verification
• Click Submit

Steps to check Standard Glass Lining IPO share allotment on BSE

• Open BSE website (https://www.bseindia.com)
• Click on public issues
• Click on ‘Application Status’
• Select Standard Glass Lining Technology Limited from the dropdown list of company names
• Enter PAN details or application number
• Submit to check details

Investors can also check the IPO allotment status on the NSE, but new investors must register on the official website before checking the share allocation details.

Standard Glass Lining IPO details

Standard Glass Lining Technology provides end-to-end solutions from engineering to establishing standard operating procedures for pharmaceutical and chemical manufacturers. The company produces engineering equipment for the pharmaceutical and chemical sectors. Its capabilities include designing, engineering, manufacturing, assembly, installation and commissioning solutions.

The company’s portfolio comprises core equipment used to manufacture pharmaceutical and chemical products. Some of the company's top clients include Aurobindo Pharma, Granules India Limited, Suven Pharmaceuticals, Macleods Pharmaceuticals, Piramal Pharma, and Cadila Pharmaceutical.

In FY24, over 81.7% of the company revenue came from the pharmaceutical sector, while 12.54% was contributed by the chemical industry and the rest by the paint, biotechnology, and food & beverages. The company’s major focus is on the domestic market, which contributes most of the revenue, while export sales make up 0.37% of total revenue in FY24. Meanwhile, HLE Glasscoat Ltd, BEW Engineering Pvt Ltd, Thermax Ltd, Praj Industries and GMM Pfaudler are some of its major competitors.

Standard Glass Lining has eight manufacturing facilities in Telangana that can produce reactors, receivers, and storage tanks ranging from 30 to 40,000 litres in size. It also can manufacture around 300-350 pieces of equipment per month across its product portfolio. As of September 30, 2024, it had 460 full-time employees and 731 contract labourers.

Here are the key details about the IPO:

• The mainboard issue comprised a fresh issuance of 1.5 crore equity shares, worth ₹210 crore, and an offer-for-sale of 1.43 crore shares, aggregating to ₹200 crore.
• The IPO price band was fixed at ₹133 to ₹140 per share.
• The minimum bid size for retail investors was a single lot of 107 shares, amounting to an investment of ₹14,980.
• After the IPO allotment, the company will initiate refunds and transfer of shares to the demat accounts on January 10.
• Shares of Standard Glass Lining Technology Limited are scheduled to be listed on the NSE and BSE on January 13.

Use of IPO proceeds

The company plans to utilise the IPO proceeds for capital expenditure to purchase machinery and equipment. It will also use IPO funds for investment in its wholly owned Material Subsidiary, S2 Engineering Industry Private Limited.

The company has proposed to use a portion of the funds for debt repayment and funding inorganic growth. The company reported revenue of ₹543.67 crore for the financial year ended on March 31, 2024, against ₹497.59 crore in the preceding fiscal. Its net profit stood at ₹60.01 crore in FY24 against ₹53.42 crore in FY23.

Key performance metric