Shares of Standard Glass Lining Technology closed 16.68 per cent higher on the BSE at ₹163.35 against the IPO price of ₹140, even as secondary market faced heavy selling pressure. The stock opened at ₹176 and rose to a high of ₹181.70 and hit a low of ₹161. On the NSE, the stock closed at ₹163.28.
Huge success
The IPO was huge success by receiving bids for 182.57 times with the quota reserved for qualified institutional buyers garnering 331.60 times, non-institutional investors 267.99 times and retail investors 63.99 times.
The ₹410.05-crore initial public offering received bids for 380.27 crore shares against 2.08 crore shares on offer.
Ahead of the issue, Standard Glass Lining Technology had mobilised ₹123 crore from anchor investors. The foreign and domestic institutions that participated in the anchor book include Amansa Holdings Private Ltd, Clarus Capital I, ICICI Prudential MF, Kotak Mahindra Trustee Co Ltd A/C Kotak Manufacture In India Fund, Tata MF, Motilal Oswal MF, 3P India Equity Fund I, Kotak Infinity Fund—Class AC, Massachusetts Institute of Technology, and ITI Large Cap Fund.
Fund utilisation
The company plans to utilise ₹10 crore for funding of capital expenditure requirements towards the purchase of machinery and equipment, ₹130 crore for repayment or prepayment of certain outstanding borrowings and investment in its wholly-owned material subsidiary, S2 Engineering Industry Private Ltd, and general corporate purposes.
Standard Glass Lining Technology’s capabilities include designing, engineering, manufacturing, assembly, installation, and commissioning solutions and establishing standard operating procedures for pharmaceutical and chemical manufacturers on a turnkey basis. Its portfolio comprises core equipment used in manufacturing pharmaceutical and chemical products, categorised into reaction systems, storage, separation, drying systems, plant, engineering, and services (including other ancillary parts).