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Ahead of the issue launch, the company has raised ₹123.02 crore from anchor investors.
Foreign and domestic institutions who participated in the anchor included Amansa Holdings Private Ltd, Clarus Capital I, ICICI Prudential MF, Kotak Mahindra Trustee Co Ltd A/C Kotak Manufacture In India Fund, Tata MF, Motilal Oswal MF, 3P India Equity Fund I, Kotak Infinity Fund – Class AC, Massachusetts Institute of Technology, ITI Large Cap Fund.
Ahead of the issue, the grey market premium (GMP) for Standard Glass Lining shares is around ₹88, indicating a 63% premium over the issue price.
Standard Glass Lining has fixed a price band at ₹133-140 per equity share for its ₹410.05 crore public issue. Investors can bid for a minimum of 107 equity shares and in multiples of 107 equity shares thereafter.
The IPO is a mix of fresh issue of up to ₹210 crore and an offer of sale of up to 1.42 crore equity shares.
S2 Engineering Services, Kandula Ramakrishna, Kandula Krishna Veni, Nageswara Rao Kandula, Standard Holdings, Katragadda Venkata Ramani, and Venkata Siva Prasad Katragadda are among shareholders selling shares through the OFS route.
The company has reduced the size of its offer for sale component to nearly 1.43 crore equity shares from 1.84 crore shares as planned earlier.
About 50% of the offer will be available for allocation to qualified institutional buyers, 15% for non-institutional investors, and the remaining 35% for retail individual investors.
The proceeds from the fresh issue to the extent of ₹130 crore will be used by the company for payment of a debt and ₹30 crore for investment in a wholly-owned subsidiary, S2 Engineering Industry.
Funds worth ₹20 crore will also be utilised by the company towards inorganic growth through strategic investments or acquisitions, ₹10 crore for purchase of machinery and equipment and a portion will also be used for general corporate purpose.
Standard Glass Lining offers comprehensive solutions that encompass design, engineering, manufacturing, assembly, installation, and commissioning, as well as establishing standard operating procedures for pharmaceutical and chemical manufacturers on a turnkey basis.
The company has the capability to manage the entire production process in-house.
Some of its pharma clients include the likes of Aurobindo Pharma, Cadila Pharmaceutical, Granules India Ltd, Macleods Pharmaceuticals, Piramal Pharma, and Suven Pharmaceuticals.
Iifl Securities Ltd, Motilal Oswal Investment Advisors Limited are the book running lead managers of the Standard Glass Lining IPO, while Kfin Technologies is the registrar.
The allotment for the Standard Glass Lining IPO is expected to be finalised on January 9, while the stock will list on NSE, BSE with tentative listing date fixed as January 13, 2025.
