Standard Glass Lining Technology IPO Surges with Overwhelming Demand

The IPO of Standard Glass Lining Technology Ltd witnessed significant investor interest, achieving 34.82 times subscription by the second day. Funds from the issue will address debt, strategic acquisitions, and other corporate needs. The shares will be listed on the BSE and NSE.

Standard Glass Lining Technology Ltd's initial public offering (IPO) has seen remarkable interest, being subscribed 34.82 times more than the shares available by the second day of the offer. The issue received bids for 72.53 crore shares against an offer of 2.08 crore shares, according to the National Stock Exchange data.

The demand from non-institutional investors reached an impressive 78.14 times, while the retail investors' category was subscribed 32.83 times, and qualified institutional buyers' category saw a subscription of 4.69 times. Initially, on Monday, the IPO was fully subscribed within minutes, closing the day at 13.32 times subscription.

Standard Glass Lining Technology Ltd plans to utilize a significant portion of the Rs 410.05 crore raised for debt repayment, strategic investments, and acquiring new machinery. Industry giants such as IIFL Capital and Motilal Oswal are managing the offering. The company's shares will soon be listed on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

(With inputs from agencies.)