The initial public offering (IPO) of Standard Glass Lining Technology opened for bidding on Monday, January 6. The issue received an overwhelming response on the first day of bidding, was subscribed 13.32 times.
The IPO will close for subscription on Wednesday, January 8.
A day before the opening of the issue, Standard Glass Lining Technology Ltd raised ₹123 crores from anchor investors. Foreign and Domestic Institutions who participated in the anchor included Amansa Holdings Private Ltd, Clarus Capital I, ICICI Prudential MF, Kotak Mahindra Trustee Co Ltd A/C Kotak Manufacture In India Fund, Tata MF, Motilal Oswal MF, 3P India Equity Fund I, Kotak Infinity Fund – Class AC, Massachusetts Institute of Technology, ITI Large Cap Fund.
According to the RHP data, the company has allocated up to 50 per cent of the public issue for Qualified Institutional Buyers (QIBs), at least 15 per cent for Non-Institutional Investors (NIIs), and a minimum of 25 per cent for retail investors.
The Standard Glass Lining Technology IPO received 27,75,52,115 bids against offered 2,08,29,567 equity shares. The issue was subscribed over 13.32 times at the end of the first day of subscription.
Non-institutional investors portion and retail portion were subscribed 25.43 times and 14.46 times respectively, whereas Qualified Institutional Buyer Portion was subscribed 1.82 times. The issue kicked off for subscription on Monday, January 6 and will close on Wednesday, January 8.
The Hyderabad-based company plans to raise ₹410.05 crore through a book-built issue, comprising a fresh issuance of 1.50 crore equity shares valued at ₹210 crore and an offer-for-sale (OFS) of 1.43 crore shares totaling ₹200.05 crore.
The company has fixed the price band for the public issue at ₹133 to ₹140 per share, with a face value of ₹10 per share.
The officer comprises a lot size of 107 equity shares and their multiples thereof.
IIFL Securities and Motilal Oswal Investment Advisors are the book-runners for the public issue, while Kfin Technologies is the registrar of the offer.
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