Standard Glass Lining Files for Rs 250 Crore IPO Fundraise: Hyderabad-Based Firm’s DRHP Submitted

Hyderabad-based Standard Glass Lining Technology Limited has filed a Draft Red Herring Prospectus (DRHP) with the Securities Exchange Board of India (SEBI) to raise Rs 250 crore through an initial public offering (IPO) of new shares.

According to the DRHP filed with the capital markets regulator, the IPO will include a fresh issue of shares worth Rs 250 crore with a face value of Rs 10 each, along with an offer for sale (OFS) of 18.444 million shares worth Rs 350 crore.

In the OFS, the promoter selling shareholders are S2 Engineering Services, Kandula Ramakrishna, Kandula Krishna Veni, Nageswara Rao Kandula, Standard Holdings, Katragadda Venkata Ramani, and Venkata Siva Prasad Katragadda. Other shareholders selling their shares include Venkata Sandeep Gopineedi, Mahitha Katragadda, and Katragadda Harini.

About the Company

Standard Glass Lining Technology Limited manufactures specialized engineering equipment for the pharmaceutical and chemical sectors in India. The funds raised from the IPO will be used for capital expenditures, repaying some existing loans, funding inorganic growth, and general corporate purposes.

The company will decide the offer price, floor price, and cap price in consultation with the Book Running Lead Managers (BRLMs), based on market demand for the equity shares. The shares will be listed on both the BSE and NSE.

For FY24, the company reported total revenues of Rs 543.67 crore, up from Rs 497.59 crore in FY23. IIFL Securities and Motilal Oswal Investment Advisors are the merchant bankers for the issue, while KFin Technologies is the registrar.