Standard Glass Lining Technology IPO
Bookbuilding IPO | ₹410.00 Cr | Listing at NSE,BSE
IPO Open
Mon, Jan 06, 2025
IPO Close
Wed, Jan 08, 2025
Price Band
₹133.00 to ₹140.00
Market Cap (Pre-IPO)
₹2,792.88 Cr
IPO Details
| IPO Date | Jan 06, 2025 to Jan 08, 2025 |
| Listing Date | Jan 13, 2025 |
| Face Value | ₹10.00 per share |
| Price Band | ₹133.00 to ₹140.00 |
| Lot Size | 107 Shares (Minimum: ₹14,980.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE,BSE |
| Issue Size | ₹410.00 Crores |
| Total Shares Offered | 29,289,367 shares |
| Fresh Issue | 15,000,000 shares |
| Offer For Sale | 14,289,367 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 327.76x |
| NII | 275.21x |
| RII | 65.71x |
| Total | 185.48x |
Standard Glass Lining Technology IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 1,46,43,884 (50.00%) |
| Retail Shares Offered | 1,02,51,279 (35.00%) |
| NII Shares Offered | 43,93,406 (15.00%) |
Standard Glass Lining Technology IPO Lot Size
Investors can bid for a minimum of 107 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 107 | ₹14,980 |
| Retail (Max) | 13 | 1,391 | ₹194,740 |
| S-HNI (Min) | 14 | 1,498 | ₹209,720 |
| S-HNI (Max) | 66 | 7,062 | ₹988,680 |
| B-HNI (Min) | 67 | 7,169 | ₹1,003,660 |
Standard Glass Lining Technology Financial Information (Restated Consolidated)
| Period Ended | 30 SEP 2024 | 31 MAR 24 | 31 MAR 23 | 31 MAR 22 |
|---|---|---|---|---|
| Assets | 756.52 | 665.38 | 347.79 | 298.11 |
| Total Income | 312.10 | 549.68 | 500.08 | 241.50 |
| Profit After Tax | 36.27 | 60.01 | 53.42 | 25.15 |
| EBITDA | - | - | - | - |
| NET Worth | 447.80 | 409.92 | 156.67 | 69.91 |
| Reserves and Surplus | 261.58 | 389.18 | 139.94 | 53.66 |
| Total Borrowing | 173.80 | 129.32 | 81.96 | 69.81 |
Amount in ₹ Cr
Key Performance Indicators
As of Sunday, March 31, 2024| KPI | Values |
|---|---|
| ROE (Return on Equity) | 20.74% |
| ROCE (Return on Capital Employed) | 25.49% |
| Debt/Equity | 0.32 |
| RoNW (Return on Net Worth) | 20.74% |
| PAT Margin (Profit After Tax Margin) | 10.92% |
| Price to Book Value | 5.40 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 3.25 | 3.64 |
| P/E (x) | 43.04 | 38.50 |
| Promoter Holding | 72.49% | 67.04% |
Company Promoters
- The Promoters of the Company are Nageswara Rao Kandula
- Kandula Krishna Veni
- Kandula Ramakrishna
- Venkata Mohana Rao Katragadda
- Kudaravalli Punna Rao and M/s S2 Engineering Services.
Company Overview
Standard Glass Lining Technology Limited (incorporated September 2012) is an Indian manufacturer of specialized engineering equipment for the pharmaceutical and chemical sectors.
The company offers end-to-end turnkey solutions—from design and engineering to manufacturing, installation, and SOPs—and produces reaction systems, storage/separation/drying systems, and plant engineering services using glass-lined materials, stainless steel, and nickel alloys.
It operates eight manufacturing units in Hyderabad, has sales offices across key Indian industrial hubs, serves a wide base of leading pharma and chemical customers, and employed about 460 full-time employees and 731 contract workers as of September 30, 2024.
Business Model
Manufacturer of engineering equipment for the pharmaceutical and chemical sectors in India. The company has the capability to manage the entire production process in-house.
Company Strengths
- Specialised engineering equipment manufacturers for the pharmaceutical and chemical sectors.
- Customised and innovative range of products throughout the entire pharmaceutical and chemical manufacturing value chain.
- Strategically located manufacturing facilities with advanced technological capabilities.
- Long term relationships with marquee clientele across sectors.
- Consistent track record of profitable growth.
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
- Funding of capital expenditure requirements of the Company towards purchase of machinery and equipment - 10 CRORE
- Repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company and investment in our wholly owned Material Subsidiary, S2 Engineering Industry Private Limited, for repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by S2 Engineering Industry Private Limited, from banks and financial institutions - 130 CRORE
- Investment in our wholly owned Material Subsidiary, S2 Engineering Industry Private Limited, for funding its capital expenditure requirements towards purchase of machinery and equipment - 30 CRORE
- Funding inorganic growth through strategic investments and/or acquisitions - 20 CRORE
- General corporate purposes - 3.43
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Debtor days have increased from 99.4 to 127 days.
- Working capital days have increased from 172 days to 272 days
Standard Glass Lining Technology IPO Peer Comparison
Standard Glass Lining Technology peer comparison with similar listed entities. (As on March 28, 2024)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Standard Glass Lining Technology Limited | 3.52 | 3.52 | 24.55 | - | 20.74 | - | Consolidated |
| GMM Pfaudler Ltd. | 39.79 | 39.80 | 215.22 | 30.64 | 20.23 | 5.74 | Consolidated |
| HLE Glascoat Limited | 6.52 | 6.52 | 61.06 | 56.54 | 7.99 | 6.69 | Consolidated |
| Thermax Ltd. | 57.28 | 57.30 | 394.10 | 81.24 | 15.53 | 10.64 | Consolidated |
| Praj Industries Ltd. | 15.42 | 15.42 | 69.36 | 52.54 | 24.09 | 7.71 | Consolidated |
IPO Expenses
| S.No. | Issue Expenses | Expected Amount (Rs. in Crores) |
|---|---|---|
| 1 | BRLMs fees and commissions | ₹13.54 |
| 2 | Selling commission/processing fee | ₹1.74 |
| 3 | Fees payable to the Registrar to the Offer | ₹1.35 |
| 4 | Listing fees, SEBI filing fees, BSE NSE processing fees, book building software fees and regulatory expenses | ₹6.87 |
| 5 | Printing and stationery expenses | ₹0.80 |
| 6 | Advertising and marketing expenses | ₹1.68 |
| 7 | Fees payable to legal counsels and auditors | ₹3.79 |
| 8 | Miscellaneous | ₹2.59 |
Quick Info
| Sector | - |
| Exchange | NSE,BSE |
| Market Cap (Pre-IPO) | ₹2,792.88 Cr |
| Listing Price | ₹172.00 |
Important Dates
| IPO Open | Jan 06, 2025 |
| IPO Close | Jan 08, 2025 |
| Allotment Date | Jan 09, 2025 |
| Credit to Demat | Jan 10, 2025 |
| Listing Date | Jan 13, 2025 |
Lead Manager(s)
IIFL Capital Services Ltd.
Registrar
Kfin Technologies Ltd.
04067162222, 04079611000
Description
Standard Glass Lining IPO is a book build issue of ₹410.05 crores. The issue is a combination of fresh issue of 1.50 crore shares aggregating to ₹210.00 crores and offer for sale of 1.43 crore shares aggregating to ₹200.05 crores.
Standard Glass Lining IPO bidding started from Jan 6, 2025 and ended on Jan 8, 2025. The allotment for Standard Glass Lining IPO was finalized on Jan 9, 2025. The shares got listed on NSE, BSE on Jan 13, 2025.
Standard Glass Lining IPO price band is set at ₹140.00 per share . The lot size for an application is 107. The minimum amount of investment required by an retail is ₹14,980 (107 shares) (based on upper price). The lot size investment for sNII is 14 lots (1,498 shares), amounting to ₹2,09,720, and for bNII, it is 67 lots (7,169 shares), amounting to ₹10,03,660.