Standard Glass raises Rs 40 crore from Amansa Investment ahead of its IPO

IPO-bound Standard Glass Lining Technology has raised Rs 40 crore via pre-IPO funding from Amansa Investments. Hyderabad based Standard Glass is a manufacturer of specialized engineering equipment for the pharmaceutical and chemical industries.

As per the company’s public announcement, the company has issued 28,57,142 equity shares to Amansa Investments at a price of Rs 140 per share (including a premium of Rs 130), in consultation with the lead bankers. This transaction, amounting to Rs 40 crore, represents 1.55 per cent of the company’s pre-offer share capital.

Standard Glass had filed its DRHP in July 2024, which stated that its public issue shall include a fresh share sale of Rs 250 crore and offer-for-sale (OFS) of up to 18,444,000 equity shares promoters and other selling shareholders. With the latest round of fundraising, the fresh issue size is likely to be reduced. It received Sebi’s final observation for the IPO in October 2024.

Standard Glass Lining Technology offers comprehensive solutions that encompass design, engineering, manufacturing, assembly, installation, and commissioning, as well as establishing standard operating procedures for pharmaceutical and chemical manufacturers on a turnkey basis.

Its product portfolio includes essential equipment used in the production of pharmaceutical and chemical products, categorized into reaction systems; storage, separation and drying systems; and plant, engineering and services. As of March 31, 2024, the portfolio consisted of more than 65 products and offerings.

The company has 443 customers, including end-users in the pharmaceutical, chemical, paint, biotechnology, and food and beverage sectors including names like Auro Pharma, Cadila Pharma, Deccan Fine Chemicals (India), Laurus Labs, Granules India, Natco Pharma, Piramal Pharma, Suven Pharma among others.

Standard Glass Lining Technology operates eight manufacturing facilities, covering over 400,000 square feet, strategically located in Hyderabad, Telangana. IIFL Securities and Motilal Oswal Investment Advisors are the book-running lead managers, and KFin Technologies is the registrar of the issue.