Standard Glass Lining Technology has recently raised ₹123.02 crore from anchor investors ahead of its upcoming initial public offering (IPO). The IPO, which opens on Monday and closes on January 8, is worth ₹410.05 crore and consists of a fresh issue of ₹210 crore and an offer for sale of up to 1.43 crore shares by various shareholders.
The price band for the IPO has been set at ₹133-140, with a minimum bid of 107 shares and multiples of 107 thereafter. The offering is being made through the book-building process, with 50% reserved for qualified institutional buyers, 15% for non-institutional investors, and 35% for retail individual investors.
Some of the anchor investors in the IPO include institutions like Amansa Holdings Private Ltd, Clarus Capital I, ICICI Prudential MF, and Kotak Mahindra Trustee Co Ltd, among others. The proceeds from the fresh issuance will be used for various purposes, including funding capital expenditure, repayment of borrowings, investment in subsidiaries, inorganic growth, and general corporate purposes.
IIFL Capital Services Limited and Motilal Oswal Investment Advisors Limited are the book-running lead managers for the IPO, with KFin Technologies Limited as the registrar of the issue.
Overall, Standard Glass Lining Technology’s IPO has garnered significant interest from investors, and it will be interesting to see how the company performs in the public markets following the offering.
