Hyderabad: On Friday, Standard Glass Lining Technology Limited announced the submission of a Draft Red Herring Prospectus (DRHP) to SEBI for an IPO to raise Rs 600 crore.
The urban company mentioned in the DRHP stated that the public offering includes newly issued shares worth Rs 250 crore and a sale of 18.444 million shares at Rs 10 each, totaling Rs 350 crore. The company, which produces specialized engineering equipment for the pharmaceutical and chemical industries in India, plans to raise funds through a 100 pc book building process. The money raised will be used for capital expenditure, paying off current loans, funding growth through acquisitions, and for general corporate needs.
In its documents, the company stated that it will work with BRLMs to determine the offer price, floor price, and cap price based on the market demand for the equity shares. The stocks will be available for trading on BSE as well as NSE. The company's total revenues increased to Rs 543.67 crore in FY24 from Rs 497.59 crore in FY23. It was stated that IIFL Securities and Motilal Oswal Investment Advisors are serving as the merchant bankers for the issue.
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