• Source:JND
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Standard Glass Lining: The initial public offering of Standard Glass Lining Technology Ltd was fully subscribed within the first hour of the shares opening for sale on Monday. According to NSE data, the public issue received tenders for 9,82,98,867 shares against 2,08,29,567 shares on offer, meaning a 4.72 times subscription till 11:42 am.

The retail individual investor (RII) segment was subscribed 6.33 times while the shares reserved for non-institutional investors were subscribed 7.01 times. However, the Qualified Institutional Buyers Quota did not receive any bidding till the above-mentioned time.

Standard Glass Lining Technology on Friday said it has raised Rs 123 crore from anchor investors. The issue, priced at Rs 133-140 per share, will close in January

According to the red herring prospectus (RHP), the Rs 410.05 crore public issue is a combination of a fresh issue of equity shares worth Rs 210 crore and an offer for sale (OFS) of up to 1.43 crore shares by promoters and other selling shareholders.

Proceeds of Rs 130 crore from the fresh issue will be used by the company to repay debt and for investment in its wholly-owned subsidiary S2 Engineering Industries of Rs 30 crore.

Standard Glass Lining Technology provides comprehensive solutions covering design, engineering, manufacturing, assembly, installation and commissioning and establishes standard operating procedures for pharmaceutical and chemical manufacturers on a turnkey basis.

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

IIFL Capital Services Limited and Motilal Oswal Investment Advisors Limited are the book-running lead managers, while Caffeine Technologies is the registrar of the issue. The shares will be listed on the BSE and National Stock Exchange.

Standard Glass Lining Technology IPO GMP

The Shares of Standard Glass Lining are trading with a handsome premium in the grey market. According to Investorgain, The Grey market Premium of Standard Glass Lining is 69.29%. The shares were trading at Rs 237 per share, up 97 rupees against IPO price range of Rs 140 per share.