Standard Glass Lining files for Rs 600-cr IPO

Hyderabad: City-based Standard Glass Lining Technology Ltd has filed its Draft Red Herring Prospectus (DRHP) with the capital markets regular Sebi to raise Rs600 crore through an initial public offer (IPO). “The company will decide offer price, floor price and cap price in consultation with BRLMs (Book Running Leader Managers), and on the basis of assessment of market demand for the equity shares,” the company said in its draft. The shares will be listed on both BSE and NSE.

According to company’s DRHP, the public issue comprises a fresh issue of shares with a face value of Rs10, aggregating up to Rs250 crore and an offer for sale of 18.444 million shares of Rs10 each, aggregating up to Rs350 crore. Standard Glass manufactures specialized engineering equipment for pharmaceutical and chemical sectors in India, will raise the funds through 100 per cent book building process. It will use proceeds from this offer for capital expenditure, repayment of some existing loans, funding inorganic growth, and for general corporate purposes.