HYDERABAD: Standard Glass Lining Technology Limited, a Hyderabad-based specialised engineering equipment manufacturer for pharma and chemicals sector, has fixed a price band of Rs 133 to Rs 140 per equity share of face value ₹10 each for its maiden initial public offer (IPO) that opens on 6, 2025, and closes for subscription on Jan 8, 2025.
The IPO is a mix of fresh issue of shares of up to Rs 210 crore and an offer for sale (OFS) of up to 1,42,89,367 equity shares aggregating to Rs 200 crore by the promoter selling and promoter group and other selling shareholders.
The offer is being made through the book-building process with upto 50% of the offer to be available for allocation on a proportionate basis to qualified institutional buyers, around 15% for allocation to non-institutional investors around 35% for allocation to retail individual bidders.
The company plans to use Rs 130 crore from the proceeds of the IPO for repayment or prepayment of certain borrowings in the company and its wholly owned material subsidiary S2 Engineering Industry Pvt Ltd. It also plans to use Rs 30 crore for investment in S2 Engineering for funding its capital requirements towards the purchase of machinery and equipment and Rs 20 crore towards funding inorganic growth through strategic investments or acquisition and general corporate purposes, and Rs 10 crore for funding the company’s capital expenditure requirements towards purchase of plant and machinery.
Standard Glass is one of India’s top three manufacturers of glass-lined, stainless steel, and nickel alloy-based specialized engineering equipment in terms of revenue in FY24 and is also one of the top three suppliers of polytetrafluoroethylene (“PTFE”) lined pipelines and fittings in India in terms of FY24 revenue.
IIFL Capital Services Limited, and Motilal Oswal Investment Advisors Limited are the book-running lead managers, and KFin Technologies Limited is the registrar of the issue.
The company provides designing, engineering, manufacturing, assembly, installation, and commissioning solutions and establishes standard operating procedures for pharmaceutical and chemical manufacturers on a turnkey basis.