Standard Glass Lining Technology Ltd to raise ₹600 crore via IPO, files DRHP with SEBI

Standard Glass Lining Technology Limited on Friday said it has filed a Draft Red Herring Prospectus (DRHP) with the capital markets regulator Securities Exchange Board of India (SEBI) to raise ₹600 crore through an initial public offer (IPO).

The city-based firm in the DRHP said the public issue comprises a fresh issue of shares with a face value of ₹10, aggregating up to ₹250 crore and an offer for sale of 18.444 million shares of ₹10 each, aggregating up to ₹350 core.

The firm, which manufactures specialised engineering equipment for the pharmaceutical and chemical sectors in India, will raise the funds through a 100% book-building process and use the proceeds from this offer for capital expenditure for repayment of some existing loans, funding inorganic growth, and for general corporate purposes.

“The company will decide the offer price, floor price and cap price in consultation with BRLMs (Book Running Leader Managers), and based on the assessment of market demand for the equity shares,” the company said in its papers. The shares will be listed on both BSE and NSE.

The company posted total revenues of ₹543.67 crore in FY24, up from ₹497.59 crore in FY23.

IIFL Securities and Motilal Oswal Investment Advisors are the merchant bankers for the issue, it said.