Standard Glass Lining IPO Secures ₹123 Crore Funding From Anchor Investments Before Public Issue Launch

The day before the issue opening, on January 3, Standard Glass Lining Technology, which manufactures engineering equipment for the chemical and pharmaceutical industries, raised Rs 123.01 crore from nine institutional investors through an anchor book.

By issuing new equity shares worth Rs 210 crore and offering 1.42 crore shares worth Rs 200.05 crore for sale, the company hopes to raise Rs 410.05 crore through its first share sale. The offer's price range is Rs 133–140 per share.

Subscription dates

Public subscriptions for the IPO will begin on January 6 and end on January 8. Standard Glass Lining shares will be traded on the exchanges on January 13 after the company completes share allocation by January 9.

Anchor Investment

The largest institutional investor is Amansa Holdings, which is owned by ace investor Akash Prakash and has purchased 25 lakh shares valued at Rs 35 crore. As the second-largest buyer, Kotak Asset Management Company purchased over 14 lakh shares for over Rs 20 crore.

Anchor investors

Massachusetts Institute of Technology, ICICI Prudential Mutual Fund, Tata Mutual Fund, Motilal Oswal Mutual Fund, 3P India Equity Fund, ITI Mutual Fund, and Clarus Capital are additional anchor book investors in the business.

The company stated that 33.93 lakh shares were distributed to five domestic mutual funds out of the 87.86 lakh equity shares that were allotted to the anchor investors.

Book running lead manger and registrar

The Standard Glass Lining IPO's book running lead managers are Iifl Securities Ltd. and Motilal Oswal Investment Advisors Limited, and the issue's registrar is Kfin Technologies Limited.

Use of IPO proceeds

The proceeds of the new issue will be used by Standard Glass Lining Technology for general business purposes, debt repayment, inorganic growth funding, and the acquisition of machinery and equipment.