Shares of Standard Glass Lining Technology Ltd. are set to list soon, with the company finalising the share allotment of its Rs 410-crore initial public offering on Thursday, Jan. 9. Ahead of listing, the grey market premium (GMP) of the initial share sale witnessed a fall.
Standard Glass Lining IPO GMP stood at Rs 85 at around 8:56 a.m. on Thursday, projecting a listing gain of 60.71% over the upper price band of Rs 140 apiece, according to InvestorGain. This is a fall from the GMP of Rs 91 that the company clocked on the third day of bidding, Jan. 8.
If the current trends are sustained, shares of Standard Glass Lining Technology Ltd. are set to debut on the bourses at Rs 225 apiece.
This means that successful allottees who invested Rs 14,980 in the IPO could see their investment grow to Rs 24,075, resulting in a profit of Rs 9,095.
Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.
Standard Glass Lining IPO: Key Dates, Price Band, Offer Size
The share allotment status of Standard Glass Lining Technology IPO, open for bidding between Jan. 6 and Jan. 8, will be finalised on Jan. 9. Investors can check their share allotment status on the websites of NSE, BSE and registrar KFin Technologies Ltd.
Shares of Standard Glass Lining Ltd., offered at price band of Rs 133 and Rs 140 apiece, are proposed to list on the NSE and BSE on Jan. 13.
The mainboard issue worth Rs 410.05 crore was booked 183.18 times with investors bidding for 3,81,56,56,808 shares in comparison to 2,08,29,567 shares on offer.
The qualified institutional buyers’ portion of the mainboard issue was booked 331.60 times, while the non-institutional investors category saw 268.50 times subscriptions. Retail investors booked their quota 64.99 times.
Standard Glass Lining IPO comprised a fresh issue of 1.5 crore shares aggregating to Rs 210 crore and an offer for sale of 1.43 crore shares worth Rs 200.05 crore.
Use of Proceeds
Standard Glass Lining Technology Ltd. will use the net proceeds from its IPO to reduce debt and support inorganic growth initiatives. A portion of the funds will be allocated for capital expenditures, including the purchase of machinery and equipment, as well as investment in its wholly owned subsidiary, S2 Engineering Industry Pvt. The remaining funds will be utilised for general corporate purposes.
About Standard Glass Lining Technology Ltd.
Standard Glass Lining Technology Ltd. makes engineering equipment for the pharmaceutical and chemical industries. Established in 2012, the company also provides turnkey solutions, which include design, engineering, manufacturing, assembly, installation, and standard operation services.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
. Read more on IPOs by NDTV Profit.If the current trends are sustained, shares of Standard Glass Lining Technology Ltd. are set to debut on the bourses at Rs 225 apiece. Read MoreIPOs
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