The season of Initial Public Offering or IPOs is upon us, and after the offer period another mainboard IPO, Standard Glass Lining has debuted at the National Stock Exchange and Bombay Stock Exchange.
Standard Glass Lining Debuts At Dalal Street
The company shares were listed the exchange as it was rang into the marquee benchmark indices at the listing price of Rs 172 per share.
The listing price of Rs 172 is higher than the issue price of Rs 140. This meant a 22 per cent premium in the listing of the company, adding to the investors’ merry.
At the time of writing, as per the NSE, the company shares were trading with an advantage, gaining 2.94 per cent or Rs 5.06. This surge after listing tool the overall value of the Hyderabad-based company to Rs 177.06.
NSE
Look At the IPO
Looking back at the IPO, the company had a book built of Rs 410.05 crore. This offering carried a 1.50 crore share fresh issue worth Rs 210.00 crores and a 1.43 crore share selling offer for Rs 200.05 crores.
With a face value of 10 per share, the price band was in the range of Rs 133 to Rs 140 per share.
The IPO has a minimum retail bid of Rs 14,980 for 107 shares. The maximum retail to stood at Rs 1,94,740 for 1391 shares in 13 lots.
The minimum bid for High-Networth Individuals or HNIs stood at Rs 2,09,720 for 1,498 shares.
Promoters Of The Company
The promoters of Standard Glass Lining, Nageswara Rao Kandula, Kandula Krishna Veni, Kandula Ramakrishna, Venkata Mohana Rao Katragadda, and Kudaravalli Punna Rao held 72.49 of the shares pre-issue.
The IPO opened for subscription on Monday, January 6, and closed on Wednesday, January 8, with its listing transpiring today at 10:00 IST.
The Indian markets at large started the day on negative note, with deep cuts.
