 "Standard Glass Lining Tech shares make decent debut, list at 26% premium")
Shares of pharmaceutical and chemical engineering equipment maker Standard Glass Lining Technology made a decent D-Street debut on Monday, January 13, 2025, following the completion of its IPO (Initial Public Offering) rounds. Standard Glass Lining shares listed at Rs 176 apiece on the BSE, reflecting a premium of Rs 36 or 25.7 per cent against the issue price of Rs 140.
On the National Stock Exchange (NSE), Standard Glass Lining shares listed at Rs 172 apiece, showing a slightly lower premium of Rs 32 or 22.8 per cent against the issue price.
With the Standard Glass Lining IPO listing, investors who were allotted the company's shares made a profit of around Rs 36 per share or over 25 per cent. However, the Standard Glass Lining IPO listing was slightly below grey market expectations, as the company’s shares were trading at Rs 190 in the grey market, reflecting a premium of Rs 50 or 35.71 per cent over the issue price. With consistent growth in revenue and profitability, coupled with a reasonable valuation, Shivani Nyati, Head of Wealth at Swastika Investmart, said that the positive listing underscores investor confidence in the company’s growth potential. "As a leading provider of glass-lined equipment catering to the pharmaceutical and chemical sectors, the company has established itself as a key player by offering customised and innovative solutions," she added. Nyati suggested that investors hold their position by keeping a stop loss at around Rs 155.
Standard Glass Lining IPO details
Standard Glass Lining IPO was available in a price band of Rs 133-140 per share, with a lot size of 107 shares. The public offering was open for subscription from Monday, January 6, 2025, to Wednesday, January 8, 2025.
By the end of the subscription period, the Rs 410 crore offering of Standard Glass Lining received bids for 3,81,56,56,808 shares against the 2,08,29,567 shares offered, resulting in an oversubscription of 183.18 times, as per the data available on the BSE. Also Read: Indobell Insulation Ipo Listing
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Qualified Institutional Buyers (QIBs) placed the highest bids, oversubscribing their reserved quota by 331.60 times, followed by Non-Institutional Investors (NIIs), who bid for 268.50 times their allocated quota, and Retail Individual Investors (RIIs), who subscribed to 64.99 times.
The basis of allotment of Standard Glass Lining IPO shares was finalised on Thursday, January 9, 2025.
Kfin Technologies served as the registrar for the issue, while IIFL Securities and Motilal Oswal Investment Advisors acted as the book-running lead managers.
About Standard Glass Lining Technology
Standard Glass Lining Technology is a specialised engineering equipment manufacturer for the pharmaceutical and chemical sectors in India, in terms of revenue in Fiscal 2024, with in-house capabilities across the entire value chain.
The company operates in designing, engineering, manufacturing, assembly, installation, and commissioning solutions, as well as establishing standard operating procedures for pharmaceutical and chemical manufacturers on a turnkey basis.
Its portfolio comprises core equipment used in the manufacturing of pharmaceutical and chemical products. The company is also one of India’s top three manufacturers of glass-lined, stainless steel, and nickel alloy-based specialised engineering equipment, in terms of revenue in Fiscal 2024.