Mumbai: Telangana-based Standard Glass Lining Technology has filed draft red herring prospectus with Securities and Exchange Board of India for an initial public offering. The IPO, with a face value of ₹10 each, is a mix of fresh issuance of Rs 250 crore and an offer for sale of up to 18.44 million equity shares by promoters and other selling shareholders. The proceeds from fresh issuance to the extent of Rs 10 crore will be utilized for funding of capital expenditure requirements of company towards purchase of machinery and equipment; Rs 130 crore for payment of debt.
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.
