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19 Nov 2024
Standard Glass Lining Technology Limited has filed a Draft Red Herring Prospectus (DRHP) with the Securities Exchange Board of India (SEBI) to raise Rs 600 crore through an initial public offering (IPO). The Hyderabad-based company’s public issue includes a fresh issue of shares worth Rs 250 crore and an offer for sale of 18.444 million shares amounting to Rs 350 crore.
The company, which produces specialized engineering equipment for the pharmaceutical and chemical sectors, intends to utilize the funds for capital expenditure, loan repayment, inorganic growth, and general corporate purposes. The IPO will be conducted through a 100 percent book building process.
Standard Glass Lining Technology Ltd will set the offer price, floor price, and cap price based on market demand, in consultation with Book Running Lead Managers (BRLMs). The shares will be listed on both BSE and NSE.
In FY24, the company reported total revenues of Rs 543.67 crore, an increase from Rs 497.59 crore in FY23. IIFL Securities and Motilal Oswal Investment Advisors are the merchant bankers for the IPO.
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