Shares of Standard Glass Lining Technology are set to make their Dalal Street debut on Monday but investors should slash their listing expectations from the counter considering the latest round of correction in the listed market, leading to a sharp fall in its grey market premium (GMP) following a strong subscription.
Ahead of debut, shares of Standard Glass Lining Technology were commanding a grey market premium (GMP) of Rs 48-50 in the unofficial market, suggesting a listing gains of around 34-35 per cent for the investors. The GMP stood at Rs 90-95 on the last and final day of the bidding.
The IPO of Hyderabad-based Standard Glass Lining Technology ran for bidding between January 06 and January 08. It had offered its shares in the price band of Rs 133-140 per share with a lot size of 107 shares. The company raised a total of Rs 410.05 crore via IPO, which included a fresh share sale of Rs 210 crore and offer-for-sale (OFS) of up to Rs 200.05 crore.
The issue was overall subscribed a solid 183.18 times, attracting bids for Rs 53,419.19 crore. The allocation for the qualified institutional bidders (QIBs) was subscribed 331.60 times The portion for non-institutional investors (NIIs) was subscribed 268.50 times. Allocation for retail investors was booked 64.99 times during the three-day bidding process.
Incorporated in September 2012, Standard Glass Lining Technology is a manufacturer of engineering equipment for the pharmaceutical and chemical sectors in India. It provides turnkey solutions, including design, engineering, manufacturing, assembly, installation, and standard operating procedures for pharmaceutical and chemical manufacturers.
Brokerage firms were mostly positive on the issue, suggesting to subscribe to it. IIFL Securities and Motilal Oswal Investment Advisors enacted as the book running lead managers of the Standard Glass Lining IPO, while Kfin Technologies was the registrar for the issue. Shares of the company shall be listed on both BSE and NSE.
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