Standard Glass Lining IPO oversubscribed within an hour; check GMP, price band & other details

Standard Glass Lining Technology IPO: The IPO opened for subscriptions today and was oversubscribed within an hour, driven by strong participation from retail and non-institutional segments.
The overall subscription currently stands at 1.82 times, with Retail Individual Investors showing 2.46 times subscription. Non-Institutional Investors have demonstrated robust interest with 2.73 times subscription.

Standard Glass Lining IPO: Price band, date

Standard Glass Lining IPO is a Rs 1,250 crore issue which comprises fresh equity of Rs 210 crore and an offer for sale of 1.42 crore shares. The subscription period extends until January 8.
The company successfully secured Rs 123 crore from anchor investors prior to the offering’s commencement.
The fresh issue proceeds will support various initiatives, including capital expenditure for machinery acquisition, debt settlement, investment in its wholly owned subsidiary S2 Engineering Industry, strategic investments for inorganic growth, and general corporate requirements.
The company established a price range of Rs 133-140 per share, with a minimum subscription lot of 107 shares and additional investments in multiples thereof.

Standard Glass Lining GMP:

The current Grey Market Premium stands at Rs 93, suggesting a 69% premium above the issue price.
According to an ET report, market analysts recommend subscription to this IPO, citing strong growth prospects with anticipated revenue increases of 20-25% in the medium term through geographical expansion and product diversification.
Based on the upper price band, the company’s post-issue valuation reflects a FY24 P/E ratio of 47.8x.
SBI Capital Securities stated: “While comparing with its close peers, the issue is fairly valued with a superior margin profile. We recommend subscribing to the issue for a long-term investment horizon.”
The Standard Glass Lining IPO’s share allocation process will conclude on January 9, whilst the company’s shares are scheduled to commence trading on January 13.

About Standard Glass Lining

Standard Glass Lining ranks amongst India’s top five specialised engineering equipment producers for pharmaceutical and chemical industries, based on FY24 revenue, featuring comprehensive in-house production capabilities.
The company offers end-to-end solutions, encompassing design, engineering, manufacturing, assembly, installation and commissioning services, alongside establishing operational protocols for pharmaceutical and chemical producers through turnkey projects.
The Glass-Lined Equipment (GLE) sector anticipates robust expansion due to various factors. GLE safeguards contents from water, chemicals, alkalis, and corrosion, creating optimal storage conditions. The equipment demonstrates resistance to contamination and functions effectively across diverse operational settings.
The company recorded a 9% year-over-year increase in operational revenue to Rs 544 crore in FY24, whilst profit after tax grew by 13% to Rs 60 crore. During the six months ending September 2024, the company achieved revenues of Rs 307 crore and profits of Rs 36 crore.
The issue’s book-running lead managers are IIFL Capital Services and Motilal Oswal Investment Advisors, with KFin Technologies serving as the registrar.