Standard Glass Lining IPO booked 13.3 times on Day 1; check price band, offer size & more

The initial public offering (IPO) of Standard Glass Lining Technology Limited saw a strong demand across investor categories on Monday, January 6, as the issue was fully subscribed within hours of launch.

The mainboard IPO was subscribed over 13.3 times, driven by strong demand from the retail and non-institutional investors. The investors applied for more than 27.7 crore shares against over 2.08 crore shares on offer, as per the NSE data on Day 1.

The first mainboard issue of 2025 is a book-building issue worth ₹410.05 crore. The IPO subscription is open till Wednesday, January 8.

The retail portion of the IPO was booked 14.46 times, with bids for more than 15.2 crore shares against 1.05 crore shares set aside for the category. In the Non-Institutional Investors’ (NIIs) category, bids for over 11.47 crore shares were received against 45.11 lakh shares on offer leading to a subscription of 25.43 times. The Qualified Institutional Buyers (QIBs) booked only 1.82 times of their allocated 57.9 lakh shares. The QIBs applied for over 1.05 crore shares.

For the investors interested in applying for the shares of Standard Glass Lining Technology Limited, here are the key details about the IPO.

Standard Glass Lining raises ₹123.02 crore from anchor investors

Ahead of the launch of its IPO, Standard Glass Lining Technology raised a total of ₹123.02 crore from anchor investors on January 3.

According to the circular on the BSE website, the company allotted 87.86 lakh shares to ten entities at the upper price band of ₹140 per equity share, taking the transaction size to ₹123.01 crore.

Standard Glass Lining IPO price band

Standard Glass Lining Technology IPO comprises a fresh issue of 1.5 crore shares, worth up to ₹210 crore, and an offer-for-sale (OFS) of 1.43 crore shares, aggregating to ₹200.05 crore.

The company has fixed the IPO price band at ₹133 to ₹140 per share. The minimum lot size is 107 shares for retail investors, amounting to an investment of ₹14,980 for a single lot.

IIFL Securities Limited and Motilal Oswal Investment Advisors Limited are the book-running lead managers of the Standard Glass Lining Technology IPO, while Kfin Technologies Limited is the registrar.

Standard Glass Lining IPO key dates

The IPO allotment status is expected to be finalised on Thursday, January 9. Refunds will be issued on Friday, January 10, and the allottees will also receive shares in their Demat accounts on the same day.

The company has proposed to list shares on the BSE and NSE on Monday, January 13.

About Standard Glass Lining Technology

Standard Glass Lining Technology provides complete solutions, from design and engineering to installation and commissioning, for pharmaceutical and chemical manufacturers on a turnkey basis. It has in-house capabilities for services across engineering, designing, and manufacturing to installation and establishing standard operating procedures (SOPs).

Some of its pharma clients of the company include Granules India Ltd, Aurobindo Pharma, Piramal Pharma, Macleods Pharmaceuticals, Cadila Pharmaceutical and Suven Pharma.

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.

As of September 30, 2024, the company had a diversified customer base of 347 clients. It has long-standing relationships of more than three years with 13 of its top 20 customers. Further, as of June 30, 2024, it had served 30 out of 80 pharma and chemical companies in the NSE 500 index.

What will the company do with IPO proceeds?

The money raised through the IPO will be used to the tune of ₹130 crore for debt repayment and ₹30 crore will be invested in the subsidiary S2 Engineering Industry. Another ₹20 crore will be used for inorganic growth through strategic investments or acquisitions. The company will also utilise a portion of the IPO proceeds for the purchase of machinery and equipment, and a part for corporate general purposes.

The company reported revenue of ₹312.1 crore for the period ended on September 30, 2024, while the net profit stood at ₹36.27 crore for the same period. For FY24, the company reported a revenue of ₹549.68 crore and profit after tax (PAT) of ₹60.01 crore.