IPO Alert: Standard Glass Lining Files DRHP with SEBI to Raise ₹600 Crore

The specialised engineering equipment manufacturer Standard Glass Lining Limited has filed a draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India, to float an initial public offering (IPO). As per DRHP, Standard Glass Lining’s IPO value stood at ₹600 crore, which comprises a fresh issue of shares worth ₹250 crore and an offer for the sale of 18.444 million shares with a face value of ₹10 each,  totalling ₹350 crore. 

Standard Glass Lining has appointed IIFL Securities Limited and Motilal Oswal Investment Advisors

Limited as book-running lead managers. In addition, KFin Technologies Limited has been appointed as a registrar of the issue.

Objective of Standard Glass Lining IPO

Fresh Issue

The company would use the funds raised from the fresh issue portion for the following:

• Funding of capital expenditure requirements of the company towards purchasing machinery and equipment.
• Repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings. 
• Investment in its wholly owned Material Subsidiary, S2 Engineering Industry Private Limited, for funding its capital expenditure requirements towards purchasing machinery and equipment.
• Funding inorganic growth through strategic investments and/or acquisitions.
• General corporate purposes.

Offer For Sale

The company will not receive any amount from the offer-for-sale. Each of the Selling Shareholders will be entitled to its respective portion of the proceeds.

About Standard Glass Lining Limited

Incorporated in 2012, Standard Glass Lining Limited is a specialised engineering equipment manufacturer for the pharmaceutical and chemical sectors in India.  The company’s capabilities include designing, engineering, manufacturing, assembly, installation and commissioning solutions, as well as establishing standard operating procedures for pharmaceutical and chemical manufacturers on a turnkey basis. 

The company’s portfolio comprises core equipment used in the manufacturing of pharmaceutical and chemical products, which can be categorised into (i) Reaction Systems, (ii) Storage, Separation and Drying Systems, and (iii) Plant, Engineering and Services (including other ancillary parts). 

The company possess in-house capabilities to manufacture all the core specialised engineering equipment required in the active pharmaceutical ingredient (“API”) and fine chemical products manufacturing process.