Standard Glass Lining Technology files DRHP with Sebi to raise Rs 600 cr

Standard Glass Lining Technology Limited on Friday said it has filed a Draft Red Herring Prospectus (DRHP) with the capital markets regulator Securities Exchange Board of India (Sebi) to raise Rs 600 cr through an initial public offer (IPO).

The city-based firm in the DRHP said the public issue comprises a fresh issue of shares with a face value of Rs 10, aggregating up to Rs 250 cr and an offer for sale of 18.444 mn shares of Rs 10 each, aggregating up to Rs 350 cr.

The firm, which manufactures specialised engineering equipment for pharmaceutical and chemical sectors in India, will raise the funds through 100 per cent book building process and use the proceeds from this offer for capital expenditure for repayment of some existing loans, funding inorganic growth, and for general corporate purposes.

The company will decide the offer price, floor price and cap price in consultation with BRLMs (Book Running Leader Managers), and on the basis of assessment of market demand for the equity shares, the company said in its papers. The shares will be listed on both BSE and NSE.

The company posted total revenues of Rs 543.67 cr in FY24, up from Rs 497.59 cr in FY23.

IIFL Securities and Motilal Oswal Investment Advisors are the merchant bankers for the issue, it said.