Standard Glass Lining Technology Ltd. has filed a draft red herring prospectus with the Securities Exchange Board of India to raise funds through initial public offer.
The Telangana-based firm's IPO consists of a fresh issue of shares with a face value of Rs 10, aggregating up to Rs 250 crore and an offer for sale of 18.4 million shares of Rs 10 each.
The company's promoters — S2 Engineering, Kandula Ramakrishna, Kandula Krishna Veni and Nageswar Rao Kandula — will be selling a part of their holdings through this offer. Three other members of the promoter group and two other shareholders also plan to sell their shares.
IIFL Securities and Motilal Oswal Investment Advisors are the merchant bankers for the issue, according to the draft papers.
The company, which manufactures specialised engineering equipment for pharmaceutical and chemical sectors in India, will raise the funds through a 100% book-building process. The firm will use the IPO proceeds from this offer for capital expenditure, repayment of 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, and on the basis of assessment of market demand for the equity shares, it said. The shares will be listed on both the BSE and the National Stock Exchange.
The company posted total revenue of Rs 543.7 crore in the last financial year, up from Rs 497.6 crore in 2022–23.
(With inputs from PTI.)
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