Standard Glass Lining Technology to raise funds via IPO - Check Details

Standard Glass Lining Technology Limited has filed a Draft Red Herring Prospectus (DRHP) with the capital markets regulator Securities Exchange Board of India (SEBI) to raise funds through an initial public offer (IPO).

According to the DRHP,  the public issue comprises a fresh issue of shares with a face value of Rs 10, aggregating up to Rs 250 crore, and an offer for sale of 18.444 million shares of Rs 10 each. 

The Hyderabad-based firm, which manufactures specialised engineering equipment for pharmaceutical and chemical sectors in India, will raise the funds through 100 per cent book building process and use the proceeds from this offer for capital expenditure for repayment of some existing loans, funding inorganic growth, and for general corporate purposes. 

“The company will decide the offer price, floor price and cap price in consultation with BRLMs (Book Running Leader Managers), and on the basis of assessment of market demand for the equity shares,” the company said in its papers. 

The shares will be listed on both BSE and NSE. The company posted total revenues of Rs 543.67 crore in FY24, up from Rs 497.59 crore in FY23. IIFL Securities and Motilal Oswal Investment Advisors are the merchant bankers for the issue, it said.