The shares will be listed on BSE and National Stock Exchange (NSE).
There is a ready opportunity to earn through IPO in the new year. Standard Glass Lining Technology Ltd on Wednesday said its IPO will open for subscription on January 6. The company also said that the price band for the IPO (initial public offering) of Rs 410.05 crore has been fixed at Rs 133-140 per equity share. The public offering of Standard Glass Lining Technology is set to become the first mainboard IPO of 2025, PTI reported.
IPO will close on January 8
According to the news, the company has reduced the size of its offer for sale to about 1.43 crore equity shares from the earlier planned 1.84 crore shares. The three-day initial public offering (IPO) will close on January 8 and bidding for anchor investors will open on January 3, the company said in a statement. At the upper end of the price band, the company is set to garner up to Rs 410.05 crore from the IPO. Investors can bid for a minimum of 107 shares and multiples thereof.
These are included among the shareholders who sold shares
According to the red herring prospectus (RHP), the Telangana-based company’s IPO is a combination of fresh issue of equity shares worth Rs 210 crore and an offer for sale (OFS) of 1.43 crore shares by promoters and other selling shareholders. S2 Engineering Services, Kandula Ramakrishna, Kandula Krishna Veni, Nageswara Rao Kandula, Standard Holdings, Katragadda Venkat Ramani and Venkat Shiva Prasad Katragadda are among the shareholders who sold shares through the OFS route.
Where will the money raised be used?
The company will use Rs 130 crore raised from the new IPO to repay debt and invest Rs 30 crore in its wholly owned subsidiary S2 Engineering Industries. Rs 20 crore will be used by the company for inorganic growth through strategic investments or acquisitions, Rs 10 crore will be used for purchase of machinery and equipment and a portion will also be used for general corporate purposes. Some of its pharma clients include Aurobindo Pharma, Cadila Pharmaceutical, Granules India Limited, McLeods Pharmaceuticals, Piramal Pharma and Suven Pharmaceuticals.
IIFL Capital Services Limited (formerly known as IIFL Securities Limited) and Motilal Oswal Investment Advisors Limited are the book running lead managers while KFin Technologies is the registrar to the issue. The shares will be listed on BSE and National Stock Exchange (NSE).
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