Standard Glass Lining IPO: First mainboard offering of 2025, check GMP ahead of subscription

The allotment of shares is expected to be finalized on January 9, with a tentative listing date on the NSE and BSE set for January 13, 2025.

The initial public offering (IPO) of Standard Glass Lining Technology Ltd. is set to open for subscription from January 6 to January 8, marking the first mainboard IPO of 2025.

Prior to the launch, the company secured Rs 123.02 crore from anchor investors, which included prominent names like Amansa Holdings, Clarus Capital, ICICI Prudential Mutual Fund, Kotak Mahindra Trustee, Tata Mutual Fund, and Massachusetts Institute of Technology, among others.

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The IPO is priced in the range of Rs 133-140 per share, with a total size of Rs 410.05 crore. Investors can bid in lots of 107 shares. The offering comprises a fresh issue of Rs 210 crore and an offer for sale (OFS) of approximately 1.42 crore shares, reduced from the originally planned 1.84 crore shares.

In terms of allocation, 50 percent of the issue is reserved for qualified institutional buyers, 15 percent for non-institutional investors, and 35 percent for retail investors. The grey market premium (GMP) for the shares stands at Rs 88, suggesting a 63 percent premium over the upper price band.

The proceeds from the fresh issue will be directed toward multiple objectives: Rs 130 crore will go toward debt repayment, Rs 30 crore for investments in the wholly-owned subsidiary S2 Engineering Industry, Rs 20 crore for strategic acquisitions, and Rs 10 crore for new machinery and equipment. The remaining funds will support general corporate purposes.

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Standard Glass Lining specializes in providing turnkey solutions for pharmaceutical and chemical manufacturers, encompassing design, engineering, production, and installation. Its client portfolio includes major pharmaceutical players such as Aurobindo Pharma, Cadila Pharmaceutical, Granules India, Macleods Pharmaceuticals, Piramal Pharma, and Suven Pharmaceuticals.

IIFL Securities and Motilal Oswal Investment Advisors are the lead managers for the IPO, with Kfin Technologies serving as the registrar.

The allotment of shares is expected to be finalized on January 9, with a tentative listing date on the NSE and BSE set for January 13, 2025.