Standard Glass Lining to raise Rs 600 cr via IPO
Jul 26, 2024
PNN
Hyderabad (Telangana) [India], July 26: 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).
Files DRHP with SEBI; the initial offer comprises fresh issue of shares, aggregating Rs 250 cr.
According to 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 Hyderabad-based company, which manufactures specialized engineering equipment for pharmaceutical and chemical sectors in India, will raise the funds through 100 per cent book building process. It will use proceeds from this offer for capital expenditure, repayment of some existing loans, funding inorganic growth, and for general corporate purposes.
Promoters S2 Engineering, Kandula Ramakrishna, Kandula Krishna Veni, Nageswar Rao Kandula, Katragadda Mohan Rao, Katragadda Sivaprasad,
Kudaravalli Punna Rao will sell a part of their holdings through this offer. Six members of promoter group and two other shareholders will also sell shares.
"The company will decide 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.
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