Standard Glass Lining raises Rs 123 crore from anchor investors ahead of Rs 410-crore IPO

Standard Glass Lining Technology IPO

Standard Glass Lining Technology, which makes engineering equipment for pharmaceutical and chemical sectors, has mobilised Rs 123.01 crore from 9 institutional investors via anchor book on January 3, a day before the issue opening.

The company plans to raise Rs 410.05 crore through its initial share sale which comprises of fresh issuance of equity shares worth Rs 210 crore, and an offer-for-sale of 1.42 crore shares worth Rs 200.05 crore. The price band for the offer is Rs 133-140 per share.

The IPO will open for public subscription on January 6 and close on January 8. The company will finalise share allotment by January 9, and Standard Glass Lining shares will be available for trading on the bourses, effective January 13.

"..has finalised allocation of 87,86,809 equity shares to anchor investors at a price of Rs 140 per equity share," the Hyderabad-based company said in its filing to exchanges.

Ace investor Akash Prakash-owned Amansa Holdings is the largest buyer among institutional investors, buying 25 lakh shares worth Rs 35 crore. Kotak Asset Management Company picked more than 14 lakh shares worth more than Rs 20 crore, being the second largest buyer amongst them.

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Clarus Capital, ICICI Prudential Mutual Fund, Tata Mutual Fund, Motilal Oswal Mutual Fund, 3P India Equity Fund, ITI Mutual Fund, and Massachusetts Institute of Technology are other investors in the company via anchor book.

"Out of the total allocation of 87.86 lakh equity shares to the anchor investors, 33.93 lakh shares were allocated to 5 domestic mutual funds," said the company.

Standard Glass Lining Technology intends to utilise fresh issue proceeds for the purchase of machinery and equipment, repaying debt, funding inorganic growth, and general corporate purposes.

IIFL Securities, and Motilal Oswal Investment Advisors are the merchant bankers handling the public issue.