Ahead of the IPO, Standard Glass raised Rs. 123 crore collected

Standard Glass Lining Technology on Friday said it has raised Rs 100 crore from anchor investors ahead of its initial public offer for public subscription on January 6. 123 crore has been collected. ICICI Prudential Mutual Fund (MF), Kotak MF, Tata MF, Motilal Oswal MF, 3P Investment Managers, Kotak Infinity Fund – Class AC, ITI MF, Massachusetts Institute of Technology, Amansa Holdings and Clarus Capital anchor as per the circular uploaded on BSE website. There were investors.

According to the circular, Standard Glass Lining Technology Limited has offered 87.86 lakh equity shares to 10 entities at Rs. 140, which is also at the upper end of the price band. This brings the transaction size to Rs. 123.01 crores.

per share Rs. The issue will end on January 8 with a price band of 133-140.

According to the Red Herring Prospectus (RHP) Rs. 410.05 crore public issue of Rs. A combination of fresh issue of 210 crore equity shares and offer for sale (OFS) of 1.43 crore shares by promoters and other selling shareholders.

S2 Engineering Services, Kandula Ramakrishna, Kandula Krishna Veni, Nageswara Rao Kandula, Standard Holdings, Katragadda Venkata Ramani and Venkata Shiva Prasad Katragadda are among the shareholders selling shares through the OFS route.

From fresh issue Rs. 130 crores of proceeds to be used for repayment of company debt and Rs. 30 crore will be used by wholly owned subsidiary S2 for investment in the engineering industry.

By the company Rs. 20 crore of funds will be used for inorganic growth through strategic investments or acquisitions, Rs. 10 crore for purchase of machinery and equipment and a portion will also be used for general corporate purposes.

Standard Glass Lining Technology offers comprehensive solutions that include design, engineering, manufacturing, assembly, installation and commissioning and establishment of standard operating procedures for pharmaceutical and chemical manufacturers on a turnkey basis.

Some of its pharma clients include Aurobindo Pharma, Cadila Pharmaceutical, Granules India Limited, McLeods Pharmaceuticals, Piramal Pharma and Suven Pharmaceuticals.

IIFL Capital Services Limited (formerly known as IIFL Securities Limited) and Motilal Oswal Investment Advisors Limited are the book-running lead managers, while KFin Technologies is the registrar for the issue.

The shares will be listed on BSE and National Stock Exchange (NSE).