Standard Glass Lining Technology Ltd. is set to raise Rs 410.05 crore through its initial public offering, which has been subscribed 16.13 times so far on Tuesday. The grey market premium for the IPO currently stands at Rs 93, suggesting a potential 66.43% premium at listing. With an issue price range of Rs 133–140 and a combination of fresh issue and offer for sale, the company has already raised Rs 123 crore from anchor investors and is set to finalise allotment on Jan. 9 with a tentative listing date of Jan. 13.
Standard Glass Lining IPO: Oversubscribed, with High Grey Market Premium
Standard Glass Lining Technology Ltd., a leading manufacturer of glass-lined equipment, is set to raise Rs 410.05 crore through its initial public offering (IPO). The IPO has been subscribed 16.13 times so far on Tuesday, with the grey market premium standing at Rs 93, suggesting a potential 66.43% premium at listing.
Background
Standard Glass Lining is one of the largest manufacturers of glass-lined equipment in India, with a market share of approximately 25%. The company's products are used in various industries, including pharmaceuticals, chemicals, food and beverages, and paints. Glass-lined equipment is essential for maintaining product purity and preventing contamination in these industries.
IPO Details
The IPO consists of a fresh issue of shares worth Rs 200 crore and an offer for sale (OFS) of shares worth up to Rs 210.05 crore by existing shareholders. The company has raised Rs 123 crore from anchor investors, including HDFC Mutual Fund, ICICI Prudential Mutual Fund, and SBI Life Insurance.
The issue price range has been set at Rs 133–140 per share. The IPO is expected to close on January 9, with the allotment of shares to be finalized on the same day. The tentative listing date is January 13.
Outlook
The IPO has received strong demand from investors due to the company's strong market position, growth potential, and favourable industry outlook. The global glass-lined equipment market is expected to grow at a CAGR of approximately 6% over the next five years, driven by increasing demand from emerging economies.
Top 5 FAQs
1. What is the subscription status of the IPO? Answer: The IPO has been subscribed 16.13 times so far on Tuesday.
2. What is the grey market premium for the IPO? Answer: The grey market premium currently stands at Rs 93, suggesting a potential 66.43% premium at listing.
3. What is the issue price range for the IPO? Answer: The issue price range has been set at Rs 133–140 per share.
4. When is the tentative listing date for the IPO? Answer: The tentative listing date is January 13.
5. What is the company's market share in the glass-lined equipment industry in India? Answer: Standard Glass Lining has a market share of approximately 25% in the glass-lined equipment industry in India.
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