Agarwal Toughened Glass IPO lists at 25% premium in-line with GMP trends

Agarwal Toughened Glass IPO listing today: Shares of tempered glass manufacturer Agarwal Toughened Glass made a strong start on the NSE SME today. The company's shares listed at Rs 135 apiece, reflecting a premium of 25 per cent against its IPO allotment price of Rs 108. 

 

Agarwal Toughened Glass IPO listing aligns with grey market trends, as the company's shares were commanding a strong premium in unofficial markets. Ahead of the listing, Agarwal Toughened Glass shares were trading at a premium of Rs 32 against the issue price, resulting in a grey market premium (GMP) of 29.63 per cent, according to sources tracking grey market activities. 

 

Agarwal Toughened Glass IPO, which ended for subscription on Monday, December 2, 2024, received decent demand from investors, with the issue being oversubscribed over 9 times. The Rs 62.64-crore offering comprises an entirely fresh issue of 5,799,600 shares, priced in a band of Rs 105-108 per share with a lot size of 1,200 shares. The allotment for the IPO was finalised on Tuesday, December 3, 2024. 

 

Agarwal Toughened Glass also announced that it had raised Rs 17.82 crore from anchor investors through bidding concluded on November 27, 2024. 

 

KFin Technologies is the registrar for the Agarwal Toughened Glass IPO, while Cumulative Capital Private is the sole book-running lead manager for the issue.

 

 In its Red Herring Prospectus (RHP), the company said that it intends to use the net proceeds from the fresh issue to fund the purchase of machinery at its existing manufacturing unit, repay certain borrowings, meet incremental working capital requirements, as well as for general corporate expenses. 

 

Incorporated in 2009, Agarwal Toughened Glass India manufactures tempered glasses for various industries. The company's products are used in applications such as shower doors, mobile screen protectors, and bulletproof glass. The company's product portfolio includes annealed glass, insulated glasses, and laminate safety glass.