Standard Glass Lining Technology Ltd to Launch IPO for Raising Funds

Standard Glass Lining Technology Ltd, a Telangana-based company specializing in engineering equipment for pharmaceuticals and chemicals, has filed preliminary papers with Sebi to raise funds through an IPO. The IPO consists of fresh shares worth Rs 250 crore and an Offer For Sale of up to 1.84 crore shares. The funds will be used for debt repayment, investment in subsidiaries, strategic acquisitions, and general corporate purposes.

Standard Glass Lining Technology Ltd, a specialized engineering equipment manufacturer for the pharmaceutical and chemical sectors, has filed preliminary papers with the capital markets regulator Sebi to raise funds through an Initial Public Offering (IPO).

The Telangana-based company's IPO includes a fresh issuance of shares worth Rs 250 crore and an Offer For Sale (OFS) of up to 1.84 crore equity shares by promoters and other selling shareholders, according to the Draft Red Herring Prospectus (DRHP).

Proceeds from the fresh issue will be allocated for debt repayment (Rs 130 crore), investment in a wholly-owned subsidiary (Rs 30 crore), inorganic growth through strategic investments or acquisitions (Rs 20 crore), and general corporate purposes. The company's product portfolio supports pharmaceutical and chemical manufacturing on a turnkey basis, serving 443 customers across various industries. IIFL Securities and Motilal Oswal Investment Advisors are the book-running lead managers.

(With inputs from agencies.)