The shares of Standard Glass Lining will debut on the exchanges on Monday. Ahead of the listing, the company's shares were trading with a GMP of Rs 50 in the grey market.Considering the upper price band of Rs 140, the stock is expected to list at a premium of 36% over the issue price.However, it is important to note that grey market premiums are just an indicator as to how the company's shares are stacked up in the unlisted market and are subject to change rapidly.The IPO of Standard Glass Lining, which is a fresh equity sale worth Rs 210 crore and an offer for sale (OFS) of Rs 200 crore, received overwhelming response from investors with an overall subscription of 185 times at close.Standard Glass Lining Technology (SGLT) is one of India’s top five specialized engineering equipment manufacturers for the pharmaceutical and chemical sectors. SGLT offers in-house capabilities across the entire value chain, providing core equipment used in pharmaceutical and chemical product manufacturing.Its portfolio includes reaction systems, storage, separation and drying systems, and plant engineering services. The company ranks among India’s top three manufacturers of glass-lined, stainless steel, and nickel alloy-based equipment, as well as PTFE-lined pipelines and fittings.The company's capabilities include designing, engineering, manufacturing, assembly, installation and commissioning solutions as well as establishing standard operating procedures for pharmaceutical and chemical manufacturers on a turnkey basis required in the active pharmaceutical ingredient (API) and fine chemical products and have supplied over 11,000 products over the last decade.SGLT has a diversified customer base including end users operating in a range of sectors across pharmaceutical, chemicals, paint, biotechnology and food and beverages and its marquee customer base includes 30 out of approximately 80 pharmaceutical and chemical companies in NSE500 index, as of June 24.On the financial front, the company's numbers have doubled over the past three years with increase in revenue from Rs 240 crore in FY22 to 544 crore in FY24 which grew by a CAGR of 50.4% while EBDITA and profit also grew in the same range as there was some bout of borrowings with increased interest costs with respect to expansion in separation and drying systems.
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