Gold Plus Glass Industry files draft papers with Sebi to launch IPO

Float glass maker Gold Plus Glass Industry Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The IPO comprises fresh issue of equity shares aggregating up to Rs 300 crore and an offer-for-sale (OFS) up to 12,826,224 equity shares by promoters and an existing shareholder, according to the draft red herring prospectus (DRHP).

As a part of the OFS, promoters -- Suresh Tyagi and Jimmy Tyagi -- will offer up to 1,019,995 equity shares each and investor PI Opportunities Fund-I will sell up to 10,786,234 equity shares.

The company proposes to utilise the net proceeds from the fresh issuance of equity shares towards funding debt as well as working incremental requirements and general corporate purposes.

Gold Plus Glass Industry is one of the leading float glass makers in India, with 16 per cent share of manufacturing capacity in fiscal 2021. The company's products cater to a range of end-use industries including automotive, construction and industrial sectors, with a variety of applications.

IIFL Securities, Axis Capital, Jefferies India and SBI Capital Markets are the book running lead managers to the issue.