Standard Glass Lining shares jump nearly 17% in market debut trade

NEW DELHI: Shares of Standard Glass Lining Technology Ltd ended with a premium of nearly 17 per cent in opposition to the difficulty value of Rs 140 on Monday. The inventory made its market debut at Rs 176, rallying 25.71 per cent from the difficulty value on the BSE. During the day, it surged 29.78 per cent to Rs 181.70. Shares of the agency ended at Rs 163.35, reflecting a jump of 16.67 per cent.
At the NSE, it listed at Rs 172, up 22.85 per cent. The inventory ended at Rs 163.28, surging 16.62 per cent.
The firm’s market valuation stood at Rs 3,258.70 crore.
In traded quantity phrases, 35.78 lakh shares of the agency have been traded on the BSE and 453.02 lakh shares on the NSE through the day.
The preliminary share sale of Standard Glass Lining Technology Ltd acquired an enormous 182.57 occasions subscription on the ultimate day of bidding on Wednesday.
The Rs 410.05-crore preliminary public providing (IPO) had a value band of Rs 133-140 per share.
The public problem had a contemporary issuance of fairness shares price Rs 210 crore and a proposal on the market (OFS) of as much as 1.43 crore shares by promoters and different promoting shareholders, in response to the pink herring prospectus (RHP).
Proceeds from the contemporary problem to the extent of Rs 130 crore will probably be utilized by the corporate for debt compensation and Rs 30 crore for funding in wholly owned subsidiary S2 Engineering Industry.
Funds price Rs 20 crore can even be utilised by the corporate in direction of inorganic progress by strategic investments or acquisitions, Rs 10 crore for the acquisition of equipment and gear and a portion can even be used for common company functions.
Standard Glass Lining Technology provides complete options that embody design, engineering, manufacturing, meeting, set up, and commissioning and establishing commonplace working procedures for pharmaceutical and chemical producers on a turnkey foundation.
Its pharma shoppers embrace Aurobindo Pharma, Cadila Pharmaceutical, Granules India Ltd, Macleods Pharmaceuticals, Piramal Pharma, and Suven Pharmaceuticals.