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Unlisted shares of Standard Glass Lining Ltd proceed to commerce at Rs 237 apiece within the gray market, which is a 69.29 per cent premium over the higher IPO worth of Rs 140. It signifies a sturdy itemizing achieve for buyers on January 13.
Standard Glass Lining IPO: Check Subscription Status, GMP Today.
Standard Glass Lining IPO: The preliminary public supply (IPO) of Standard Glass Lining Ltd has been opened on Monday. It can be closed on Wednesday. The worth band of the Rs 410-crore IPO has been fastened at Rs 133 to 140 apiece. Till 10:19 am on the primary day of bidding on Monday, the IPO received a 0.79 instances subscription receiving bids for 1,61,11,846 shares in opposition to 2,05,02,558 shares on supply.
Retail and NII classes have already been absolutely subscribed. So far, the quota for retail buyers received subscribed by 100 per cent. The non-institutional buyers (NII) portion acquired a 1.32 instances subscription.
The IPO allotment will seemingly happen on January 9, whereas the itemizing is scheduled to happen on January 13.
Standard Glass Lining IPO GMP Today
According to market observers, unlisted shares of Standard Glass Lining Ltd proceed to commerce at Rs 237 apiece within the gray market, which is a 69.29 per cent premium over the higher IPO worth of Rs 140. It signifies a sturdy itemizing achieve for buyers on January 13.
Standard Glass Lining IPO: Should You Apply?
Most brokerage corporations have given a ‘subscribe’ ranking to the IPO for the long run.
Anand Rathi Research in its IPO observe stated Standard Glass Lining is specialised engineering tools producers for pharma and chemical sectors in India with merchandise throughout complete worth chain with custom-made and revolutionary product providing throughout your complete pharmaceutical and chemical manufacturing worth chain and strategically situated manufacturing services with superior technological capabilities.
“At the higher worth band, the corporate is valuing at P/E of 43.01 instances, with an EV/Ebitda of 30.08 instances and market cap of Rs 2,792.8 crore submit problem of fairness shares and return on internet value of 20.74 instances. We consider that the IPO is pretty priced and suggest a ‘subscribe for long run’ ranking to the IPO,” it added.
Geojit Financial Services in its IPO observe additionally advisable to ‘subscribe for long run’. “Standard Glass’ valuation seems pretty priced in comparison with friends. The rising demand for glass-lined tools in pharma and chemical compounds affords important progress potential. Its wholesome margins, constant income progress, strong progress outlook, a various product portfolio with a deal with customisation, and inorganic progress plans help a ‘subscribe for long run ranking,” it stated.
Granting a ‘subscribe for long-term’ ranking to the IPO, SBI Securities stated the expansion outlook for Standard Glass is strong as it’s more likely to develop its income between 20-25 per cent within the medium time period with geographical and product growth. The firm is focusing on 20 per cent of income from export by 2026 versus current 0.5 per cent.
“While evaluating with its shut friends, the difficulty is pretty valued with superior margin profile,” it stated.
Standard Glass Lining IPO: More Details
The Rs 410.05-crore Standard Glass Lining IPO is a mix of recent issuance of fairness shares value Rs 210 crore and a proposal on the market (OFS) of as much as 1.43 crore shares by promoters and different promoting shareholders, in accordance with the pink herring prospectus (RHP).
S2 Engineering Services, Kandula Ramakrishna, Kandula Krishna Veni, Nageswara Rao Kandula, Standard Holdings, Katragadda Venkata Ramani, and Venkata Siva Prasad Katragadda are amongst shareholders promoting shares by way of the OFS route.
Proceeds from the recent problem to the extent of Rs 130 crore can be utilized by the corporate for debt compensation and Rs 30 crore for funding in a wholly-owned subsidiary S2 Engineering Industry.
Funds value Rs 20 crore may also be utilised by the corporate in direction of inorganic progress by way of strategic investments or acquisitions, Rs 10 crore for the acquisition of equipment and tools and a portion may also be used for normal company functions.
Standard Glass Lining Technology has mobilised Rs 123 crore from anchor buyers forward of its IPO.
Standard Glass Lining Technology affords complete options that embody design, engineering, manufacturing, meeting, set up, and commissioning and establishing normal working procedures for pharmaceutical and chemical producers on a turnkey foundation.
Some of its pharma purchasers embrace Aurobindo Pharma, Cadila Pharmaceutical, Granules India Ltd, Macleods Pharmaceuticals, Piramal Pharma, and Suven Pharmaceuticals.
IIFL Capital Services Ltd (previously often called IIFL Securities Ltd) and Motilal Oswal Investment Advisors Ltd are the book-running lead managers, whereas KFin Technologies is the registrar for the difficulty.
The shares can be listed on the BSE and the National Stock Exchange (NSE).
