The issue was fully subscribed within twenty minutes of bidding
The Initial Public Offering of Standard Glass Lining Technology Limited was subscribed 13.32 times on the first day of bidding led by NII and Retail.
The issue received bids of 27,75,52,115 shares against the offered 2,08,29,567 equity shares, at a price band of ₹133-140, according to the data available on the stock exchanges.
Non-Institutional Investors Portion and Retail Portion were subscribed 25.43 times and 14.46 times respectively, whereas Qualified Institutional Buyer Portion was subscribed 1.82 times. The issue kicked off for subscription on Monday, January 6, 2025, and will close on Wednesday, January 8, 2025.
A day before the opening of the issue, Standard Glass Lining Technology Ltd raised Rs 123 crores from anchor investors. Foreign and Domestic Institutions who participated in the anchor included Amansa Holdings Private Ltd, Clarus Capital I, ICICI Prudential MF, Kotak Mahindra Trustee Co Ltd A/C Kotak Manufacture In India Fund, Tata MF, Motilal Oswal MF, 3P India Equity Fund I, Kotak Infinity Fund – Class AC, Massachusetts Institute of Technology, ITI Large Cap Fund.
Leading brokerage firms like Nirmal Bang, KR Choksey, SBI Capital, Geojit Securities, BP Wealth, Ind Sec Securities, Canara Bank Securities, Master Trust Capital, Marwadi Financial Services, Arihant Capital, GEPL Capital, Reliance Securities, Eureka Shares and Broking Service Ltd, Adroit Financials, SMIFS Ltd, Hem Securities, and Ventura Securities have given a Subscribe rating to the issue highlighting the company`s robust financial performance, strategic growth initiatives, and unique business model. The company boasts a ₹450 crore order book, focusing on automation, operational efficiency, and increasing export revenues to 20% in the next fiscal year through high-margin proprietary technology from its Japanese partner, AGI. With plans to expand capacity and invest ₹300 million in its subsidiary, S2 Engineering Industry Pvt. Ltd., SGL aims to enhance its production capabilities and drive revenue growth. Its superior product lifespan ensures 100% repeat business, and its diversification into maintenance services strengthens customer retention. Financial metrics, including a favorable P/E ratio of 39.77x (below the industry average) and a RoE of 20.74%, position SGL as a promising player in the growing pharmaceutical and chemical sectors, making the issue an attractive investment opportunity.
IIFL Capital Services Limited, and Motilal Oswal Investment Advisors Limited are the book running lead managers and KFin Technologies Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.