Standard Glass Lining: IPO Frenzy Hits 13.32x Subscription

The IPO of Standard Glass Lining Technology Ltd saw overwhelming demand, subscribing 13.32 times over. The issue, a mix of new shares and Offer For Sale, aims to raise Rs 410.05 crore for debt repayment and expansion. It will close on January 8, with shares listed on BSE and NSE.

In an astounding display of investor interest, the initial public offering of Standard Glass Lining Technology Ltd was fully subscribed within mere minutes of its launch on Monday, eventually closing the day with an impressive 13.32 times subscription.

The IPO, amounting to Rs 410.05 crore, includes the issuance of fresh equity shares valued at Rs 210 crore alongside an Offer For Sale from key stakeholders. By the end of the subscription period, non-institutional investors had shown remarkable interest with a 25.42 times subscription, while the Retail Individual Investors segment accounted for 14.46 times, and Qualified Institutional Buyers reached 1.82 times.

Standard Glass Lining plans to utilize Rs 130 crore from the proceeds for debt repayment, Rs 30 crore for investment in its subsidiary S2 Engineering Industry, and additional funds for strategic growth and purchasing equipment. The company's shares are slated to be listed on the BSE and NSE, supported by IIFL Capital Services Ltd and Motilal Oswal Investment Advisors Ltd as lead managers.

(With inputs from agencies.)