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Business EconomyPosted at: Jul 25 2024 6:01PM


Hyderabad: Standard Glass Lining to raise Rs 600 cr through IPO

Hyderabad, July 25 (UNI) Hyderabad-based Standard Glass Lining Technology Limited filed its Draft Red Herring Prospectus (DRHP) with the capital markets regular Securities Exchange Board of India (SEBI) to raise Rs 600 crore through an initial public offer (IPO).
According to the company's DRHP, the public issue comprises a fresh issue of shares with a face value of Rs 10, aggregating up to Rs 250 crore and an offer for sale of 18.444 million shares of Rs 10 each, aggregating up to Rs 350 core.
The company, which manufactures specialized engineering equipment for pharmaceutical and chemical sectors in India, will raise the funds through 100 percent book building process.
It will use proceeds from this offer for capital expenditure, repayment of some existing loans, funding in organic growth, and for general corporate purposes.
Promoters S2 Engineering, Kandula Ramakrishna, Kandula Krishna Veni, Nageswar Rao Kandula, will sell a part of their holdings through this offer.
Three members of the promoter group and two other shareholders will also sell shares.
“The company will decide the offer price, floor price and cap price in consultation with BRLMs (Book Running Leader Managers), and on the basis of assessment of market demand for the equity shares,” the company said in its papers.
The shares will be listed on both BSE and NSE.
The company posted total revenues of Rs 543.67 crore in FY24, up from Rs 497.59 crore in FY23.
IIFL Securities and Motilal Oswal Investment Advisors are the merchant bankers for the issue.
UNI KNR CS1801
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