Record-Breaking IPO Subscription for Standard Glass Lining Technology

NEW DELHI: In an extraordinary display of investor confidence, Standard Glass Lining Technology Ltd's initial public offering (IPO) was subscribed a staggering 182.57 times on its final bidding day Wednesday. The Rs 410.05-crore IPO saw bids for 3,80,27,59,991 shares against the 2,08,29,567 shares on offer, as per NSE data.

Subscription Details Across Investor Categories

The Qualified Institutional Buyers (QIBs) segment was oversubscribed by 331.60 times, while the non-institutional investors' category reached 267.99 times. Retail individual investors showed strong interest as well, with their quota attaining 63.99 times subscription.

About Standard Glass Lining Technology

Standard Glass Lining is renowned in India for its specialized engineering equipment tailored for the pharmaceutical and chemical sectors. The company offers comprehensive solutions, including design, engineering, production, assembly, installation, and commissioning services, along with establishing operational protocols for its clients through turnkey projects.

For the fiscal year 2024, the organization reported an operational revenue of Rs 544 crore, marking a 9% increase from the previous year. Profit after tax also saw a significant rise, increasing by 13% to Rs 60 crore.

Future Prospects and Share Trading

The proceeds from the fresh issue are allocated for various purposes, including Rs 130 crore for debt repayment and Rs 30 crore for investment in the S2 Engineering Industry subsidiary. The shares of Standard Glass Lining Technology are set to be available for trading on both BSE and NSE, promising a new chapter in the company's growth story.