Standard Glass sets price band of Rs 133-140 for IPO, set to open Jan 6

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Standard Glass Lining Technology Ltd on Wednesday said it has fixed a price band at Rs 133-140 per equity share for its Rs 410.05 crore initial public offering (IPO) that opens for public subscription on January 6.

The public issue of Standard Glass Lining Technology is set to become the first mainboard IPO of 2025.

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.

The three-day initial public offering (IPO) will conclude on January 8 and the bidding for anchor investors will open on January 3, the company said in a statement.

At the end of the upper price band, the company is going to fetch up to Rs 410.05 crore from the IPO. Investors can bid for a minimum of 107 shares and in multiples thereof, it added.

The Telangana-based company's IPO is a combination of fresh issuance 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, according to the red herring prospectus (RHP).

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.

Proceeds from the fresh issue to the extent of Rs 130 crore will be used by the company for payment of a debt and Rs 30 crore for investment in a wholly-owned subsidiary, S2 Engineering Industry.

Funds worth Rs 20 crore will also be utilised by the company towards inorganic growth through strategic investments or acquisitions, Rs 10 crore for purchase of machinery and equipment and a portion will also be used for general corporate purpose.

Standard Glass Lining Technology 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 Capital Services Ltd (Formerly known as IIFL Securities Ltd) and Motilal Oswal Investment Advisors Ltd are the book running lead managers while KFin Technologies is the registrar for the issue.

The shares will be listed on the BSE and the National Stock Exchange (NSE).