Standard Glass Lining debut with premium of nearly 26 per cent

The company's market valuation stood at Rs 3,541.97 crore

New Delhi: Shares of Standard Glass Lining Technology Ltd listed with a premium of nearly 26 per cent against the issue price of Rs 140 on Monday.

The stock made its market debut at Rs 176, rallying 25.71 per cent from the issue price on the BSE. Later, it surged 29.78 per cent to Rs 181.70. At the NSE, it listed at Rs 172, up 22.85 per cent.

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The company’s market valuation stood at Rs 3,541.97 crore.

The initial share sale of Standard Glass Lining Technology Ltd received a huge 182.57 times subscription on the final day of bidding on Wednesday.

The Rs 410.05-crore Initial Public Offering (IPO) had a price band of Rs 133-140 per share.

The public issue is a combination of fresh issuance of equity shares worth Rs 210 crore and an Offer For Sale (OFS) of up to 1.43 crore shares by promoters and other selling shareholders, according to the Red Herring Prospectus (RHP).

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.

Standard Glass Lining Technology offers comprehensive solutions that encompass design, engineering, manufacturing, assembly, installation, and commissioning and establishing standard operating procedures for pharmaceutical and chemical manufacturers on a turnkey basis.

Its pharma clients include Aurobindo Pharma, Cadila Pharmaceutical, Granules India Ltd, Macleods Pharmaceuticals, Piramal Pharma, and Suven Pharmaceuticals.