The initial public offering (IPO) of Standard Glass Lining Technology Ltd was subscribed 13.32 times on the first day of its opening amid a good response from all the investor categories.
Its booking reflected investor preference for the primary market largely in the hope of making listing gains. This comes at a time the benchmark and broader indices remain under pressure due to a mix of global and domestic developments.
The share sale of Standard Glass Lining Technology comes at a price band of ₹133-140 per share. It will conclude on January 8. The ₹410.05-crore IPO is a combination of fresh issuance of equity shares worth ₹210 crore and an offer for sale of up to 1.43 crore shares by promoters and other selling shareholders.
Last Friday, the company said it has mobilised ₹123 crore from anchor investors.
While the IPO was fully subscribed minutes after launch, at the end of the day, the portion meant for retail investors was booked 14.46 times. The part reserved for non-institutional investors was subscribed 25.43 times whereas the qualified institutional buyer (QIB) quota was subscribed 1.82 times.
As a result, the issue saw bids for 27,75,52,115 shares against 2,08,29,567 shares on offer, resulting in a 13.32 times subscription.
The IPO will see shareholders such as S2 Engineering Services, Kandula Ramakrishna, Kandula Krishna Veni, Nageswara Rao Kandula, Standard Holdings, Katragadda Venkata Ramani, and Venkata Siva Prasad Katragadda selling shares through the OFS route.
