Standard Glass Debuts At 26% Premium

New Delhi: Shares of Standard Glass Lining Technology Ltd ended with a premium of nearly 17 per cent against the issue price of Rs140 on Monday. The stock made its market debut at Rs176, rallying 25.71 per cent from the issue price on the BSE. During the day, it surged 29.78 per cent to Rs181.70. Shares of the firm ended at Rs163.35, reflecting a jump of 16.67 per cent. At the NSE, it listed at Rs172, up 22.85 per cent. The stock ended at Rs163.28, surging 16.62 per cent.

The company's market valuation stood at Rs3,258.70 crore. In traded volume terms, 35.78 lakh shares of the firm were traded on the BSE and 453.02 lakh shares on the NSE during the day. 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 Rs410.05-crore initial public offering (IPO) had a price band of Rs133-140 per share. The public issue had a fresh issuance of equity shares worth Rs210 crore and an offer for sale (OFS) of up to 1.43 crore shares by promoteRsand other selling shareholders, according to the red herring prospectus (RHP). Proceeds from the fresh issue to the extent of Rs130 crore will be used by the company for debt repayment and Rs30 crore for investment in wholly-owned subsidiary S2 Engineering Industry. Funds worth Rs20 crore will also be utilised by the company towards inorganic growth through strategic investments or acquisitions, Rs10 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.