On Monday, Standard Glass Lining Technology Ltd’s shares burst onto the market at a striking 26% premium over the issue price of Rs 140, debuting at Rs 176 and further climbing to Rs 181.70 on the BSE. The NSE listing started at Rs 172, marking a 22.85% rise.
The company’s IPO elicited strong demand, being oversubscribed 182.57 times on its final bidding day. The Rs 410.05-crore offering featured a price band ranging from Rs 133 to Rs 140 per share.
Funds from the IPO will facilitate debt repayment, bolster investments in its subsidiary S2 Engineering Industry, and support the purchase of machinery as well as strategic acquisitions to foster inorganic growth.
(With inputs from agencies.)