Hyderabad's Standard Glass Lining Technology Limited Files for Rs 600 Crore IPO with SEBI

Standard Glass Lining Technology Limited, based in Hyderabad, files a Draft Red Herring Prospectus (DRHP) with SEBI to raise Rs 600 crore through an IPO. The company plans to use the funds for capital expenditures, debt repayment, funding inorganic growth, and general corporate purposes.

Standard Glass Lining Technology Limited, headquartered in Hyderabad, has submitted its Draft Red Herring Prospectus (DRHP) with the Securities Exchange Board of India (SEBI). The company aims to generate Rs 600 crore through an initial public offering (IPO).

According to the DRHP, the IPO will include a fresh issue of shares worth Rs 250 crore and an offer for sale of 18.444 million shares, totaling up to Rs 350 crore. The company specializes in manufacturing engineering equipment for the pharmaceutical and chemical sectors.

The raised funds will be allocated towards capital expenditure, debt repayment, funding inorganic growth, and general corporate purposes. Promoters and other shareholders will also sell a portion of their holdings. The issue's pricing will be determined in consultation with Book Running Lead Managers (BRLMs) based on market demand. The shares will be listed on BSE and NSE.

The company recorded total revenues of Rs 543.67 crore in FY24, increasing from Rs 497.59 crore in FY23. IIFL Securities and Motilal Oswal Investment Advisors are acting as merchant bankers for the public issue.

(With inputs from agencies.)