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

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

As per the company’s public announcement, the company issued 28,57,142 shares to Amansa Investments at a price of Rs 140 per share (including a premium of Rs 130), in consultation with senior bankers. This transaction, worth 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 would include a fresh sale of shares of Rs 250 crore and an offer for sale (OFS) from up to 18,444,000 share promoters and other shareholders sellers. With the latest fundraising, the size of new issues is expected to be reduced. It has received final observation from Sebi 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 factories, engineering and services. As of March 31, 2024, the portfolio included more than 65 products and offers.

The company has 443 customers, including end users in the pharmaceutical, chemical, paint, biotechnology and food & beverage industries, including 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 lead book-running managers, and KFin Technologies is the issue registrar.