New Delhi, Jan 8 (PTI) 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) received bids for 3,80,27,59,991 shares against 2,08,29,567 shares on offer, according to data available with the NSE.
Qualified institutional buyers (QIBs) part garnered a whopping 331.60 times subscription while the category for non-institutional investors got subscribed 267.99 times. The quota for retail individual investors (RIIs) received 63.99 times subscription.
The IPO of Standard Glass Lining Technology Ltd got fully subscribed within minutes of opening for share sale on Monday.
Standard Glass Lining Technology on Friday said it has mobilised Rs 123 crore from anchor investors.
The issue has 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.
IIFL Capital Services Ltd (formerly known as IIFL Securities Ltd) and Motilal Oswal Investment Advisors Ltd are the book-running lead managers, while KFin Technologies is the registrar for the issue.
The shares will be listed on the BSE and the National Stock Exchange (NSE). PTI SUM TRB
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