Standard Glass Lining IPO: Standard Glass Lining Technology has successfully mobilized Rs 123 crore from anchor investors in preparation for its initial public offering (IPO), which is set to open for public subscription on January 6, 2025. The company announced that it has allotted 87.86 lakh shares to 10 entities at Rs 140 per share, the upper end of the price band, as per a circular uploaded on the BSE website.
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Among the prominent anchor investors are ICICI Prudential Mutual Fund, Kotak Mutual Fund, Tata Mutual Fund, Motilal Oswal Mutual Fund, 3P Investment Managers, Kotak Infinity Fund – Class AC, ITI Mutual Fund, Massachusetts Institute of Technology, Amansa Holdings, and Clarus Capital.
The IPO, which will close on January 8, 2025, offers a price band of Rs 133-140 per share. The public issue is valued at Rs 410.05 crore and comprises both fresh issuance of equity shares worth Rs 210 crore and an offer for sale (OFS) of up to 1.43 crore shares by the promoters and other selling shareholders.
Key shareholders selling shares via the OFS include S2 Engineering Services, Kandula Ramakrishna, Kandula Krishna Veni, Nageswara Rao Kandula, Standard Holdings, Katragadda Venkata Ramani, and Venkata Siva Prasad Katragadda.
Proceeds from the fresh issue will be allocated towards debt repayment (Rs 130 crore), investment in a wholly-owned subsidiary S2 Engineering Industry (Rs 30 crore), strategic investments or acquisitions (Rs 20 crore), purchase of machinery and equipment (Rs 10 crore), and general corporate purposes.
Standard Glass Lining Technology specializes in providing turnkey solutions, including design, engineering, manufacturing, assembly, installation, and commissioning for pharmaceutical and chemical manufacturers. Some of its notable pharma clients include Aurobindo Pharma, Cadila Pharmaceuticals, Granules India Ltd, Macleods Pharmaceuticals, Piramal Pharma, and Suven Pharmaceuticals.
IIFL Capital Services Ltd and Motilal Oswal Investment Advisors Ltd are serving as the book-running lead managers for the issue, while KFin Technologies is the registrar. The shares will be listed on both the BSE and the National Stock Exchange (NSE).
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