Standard Glass IPO shares listed on the stock exchanges with a 23 percent premium over the issue price on January 13, following a huge demand by the investors in the primary market. The Rs 410.05-crore issue was subscribed 183 times in its three-day bidding window between January 6 - 8.
The shares of Standard Glass Lining Technology Ltd were listed at Rs 172 per share on the NSE, a healthy premium of 22.86 percent against its issue price. The IPO was priced in the range of Rs 133 - 140 per share.
On the BSE, the shares were listed at Rs 176 per share, a premium of 25.71 against the IPO price. The market valuation of the company post listing of shares stood at Rs 3,511.05 crore.
Shares, which had been commanding a grey market premium of about 35 percent in the unofficial market ahead of their debut, listed below expectations, according to Investorgain.
The IPO of Standard Glass Lining Technology Ltd got fully subscribed within minutes of opening for share sale on Monday.
Standard Glass IPO shares to list on Jan 13; analysts recommend buy, sell or hold strategy
Proceeds from the fresh issue to the extent of Rs 130 crore will be used by the company for debt repayment and Rs 30 crore for investment in 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 the purchase of machinery and equipment and a portion will also be used for general corporate purposes.
Check All IPO News Here
Prathamesh Masdekar, Research Analyst at StoxBox Masdekar added, "The company is targeting 20% of revenue from exports by 2026 v/s present 0.5% contribution. We thus recommend that investors allotted shares consider holding their positions from a medium to long-term perspective."
It is one of the few companies in India offering end-to-end customized solutions in the specialized engineering equipment used in the pharma and chemical sectors. It's comprehensive product portfolio consists of over 65 products & offerings across the pharma and chemical industries and is also developing 15 more products.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
