Standard Glass Lining IPO Day 2: Issue subscribed 29.87 times as NIIs lead; check lot size and key dates

Standard Glass Lining IPO: Standard Glass Lining Technology Ltd's initial public offer has received a strong response from investors, especially non-institutional investors. The initial share sale has been subscribed 29.87 times until 3:01 pm on Tuesday, the second day of subscription.

NIIs subscribed their portion 63.56 times, as they received bids for 28,67,64,387 shares compared to 45,11,826 shares on offer.

The quota reserved for retail investors was subscribed 29.35 times. They placed bids for 30,90,09,152 shares against 1,05,27,594 on offer.

Qualified institutional investors bid for 2,63,25,745 shares against 57,90,147 shares reserved, leading to 4.55 times subscription.

Before the IPO, the company mobilised ₹123.01 crore from anchor investors, including ICICI Prudential Mutual Fund (MF), ITI MF, Tata MF, Kotak MF, Motilal Oswal MF, Kotak Infinity Fund—Class AC, 3P Investment Managers, Amansa Holdings, Clarus Capital, and Massachusetts Institute of Technology.

The ₹410.05 crore IPO, which will end on January 8, consists of new equity shares valued at ₹210 crore and an offer-for-sale of 1.43 crore shares.

The funds generated will be used for debt repayment, inorganic growth, investing in a subsidiary, purchasing machinery, and corporate general purposes.

The lot size is 107 shares worth ₹14,980 and in multiples thereafter.

Standard Glass Lining IPO timeline

• Bidding period: January 6 to January 8
• Allotment date: January 9
• Initiation of refund: January 10
• Demat transfer: January 10
• Listing: January 13

Standard Glass Lining Technology offers end-to-end solutions from engineering to establishing standard operating procedures (SOPs) for pharmaceutical and chemical manufacturers on a turnkey basis.

Its customers include Aurobindo Pharma, Suven Pharmaceuticals Granules India Ltd, Piramal Pharma, Macleods Pharmaceuticals, and Cadila Pharmaceutical.

Standard Glass Lining financials