Standard Glass Lining IPO closes today; subscription soars 35x, GMP up 68%

The strong subscription aligns with grey market trends, as Standard Glass Lining's unlisted shares were commanding a premium of Rs 96 or 68.57 per cent over the upper end of the IPO price band

Standard Glass Lining IPO subscription status: The initial public offering (IPO) of Standard Glass Lining Technology, which opened for subscription on Monday, January 6, 2025, has received an overwhelming response from investors. The three-day subscription window to bid for the public offering is set to conclude today, Wednesday, January 8, 2025.

 

Available at a price band of Rs 133-140 per share and a lot size of 107 shares, the Standard Glass Lining IPO received bids for 72,53,55,782 equity shares against the 2,08,29,567 shares on offer, resulting in an oversubscription of 34.82 times by the end of January 7, according to data available on the National Stock Exchange (NSE).  Notably, Non-Institutional Investors (NIIs) have so far placed the highest bids for the public offering, oversubscribing the category reserved for them by 78.14 times. This was followed by Retail Individual Investors (RIIs), who subscribed 32.83 times to their reserved portion, and Qualified Institutional Buyers (QIBs), who subscribed 4.69 times.

 

The strong subscription aligns with grey market trends, as Standard Glass Lining's unlisted shares were trading at Rs 236, reflecting a grey market premium (GMP) of Rs 96 or 68.57 per cent over the upper end of the IPO price band of Rs 140, as per sources tracking unofficial markets. 

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Meanwhile, market analysts remain bullish on the public offering of Standard Glass Lining and have broadly recommended subscribing to the issue from a long-term perspective. READ MORE

 

As the public offering closes for subscription today, January 8, the basis of allotment for Standard Glass Lining IPO shares is expected to be finalized tentatively on Thursday, January 9, 2025. Successful allottees will receive Standard Glass Lining shares in their demat accounts tentatively by Friday, January 10, 2025.

 

Shares of Standard Glass Lining are expected to list on the BSE and NSE tentatively on Monday, January 13, 2025. 

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Kfin Technologies is the registrar for the issue, while IIFL Securities and Motilal Oswal Investment Advisors are the book-running lead managers.

 

Standard Glass Lining manufactures specialized engineering equipment for the pharmaceutical and chemical industries in India. The company provides solutions that include design, engineering, manufacturing, assembly, installation, and commissioning, as well as turnkey project execution. Its product portfolio includes equipment used in the manufacturing of pharmaceutical and chemical products.