Shares of Standard Glass Lining Technology Ltd will be listed at the stock exchanges on Monday after a blockbuster IPO subscription. The company has fixed the IPO price at ₹140, at the upper end of the price band of ₹133-140.

According to the grey market premium, the stock is expected to list around ₹230. The IPO received tremendous subscription of 182.57 times The ₹410.05-crore initial public offering (IPO) received bids for 380.27crore shares against 2.08 crore shares on offer.

The quota reserved for Qualified institutional buyers (QIBs) garnered a whopping 331.60 times subscription followed by non-institutional investors by 267.99 times and retail investors 63.99 times.

The IPO was fully subscribed within minutes of opening for share sale on Monday.

Ahead of the issue, Standard Glass Lining Technology had mobilised ₹123 crore from anchor investors.

Among the foreign and domestic institutions that participated in the anchor were Amansa Holdings Private Ltd, Clarus Capital I, ICICI Prudential MF, Kotak Mahindra Trustee Co Ltd A/C Kotak Manufacture In India Fund, Tata MF, Motilal Oswal MF, 3P India Equity Fund I, Kotak Infinity Fund—Class AC, Massachusetts Institute of Technology, and ITI Large Cap Fund.

According to RHP, of the issue proceeds, ₹10 crore will be used for funding of capital expenditure requirements towards the purchase of machinery and equipment; ₹130 crore for repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company and investment in its wholly-owned Material Subsidiary, S2 Engineering Industry Private Limited, for repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by S2 Engineering Industry Private Limited, from banks and financial institutions; ₹30 crore for investment in its wholly-owned material subsidiary, S2 Engineering Industry Private Limited, for funding its capital expenditure requirements towards the purchase of machinery and equipment; ₹20 crore for funding inorganic growth through strategic investments and/or acquisitions; and general corporate purposes.

Standard Glass Lining Technology’s capabilities include designing, engineering, manufacturing, assembly, installation, and commissioning solutions and establishing standard operating procedures for pharmaceutical and chemical manufacturers on a turnkey basis. Its portfolio comprises core equipment used in manufacturing pharmaceutical and chemical products, categorised into Reaction Systems, Storage, Separation, Drying Systems, Plant, Engineering, and Services (including other ancillary parts). It is also one of India’s top three manufacturers of glass-lined, stainless steel, and nickel alloy-based specialised engineering equipment in terms of revenue in Fiscal 2024, according to an F&S Report. It is also one of India’s top three suppliers of polytetrafluoroethylene (“PTFE”) lined pipelines and fittings in terms of revenue in Fiscal 2024. It has been the fastest-growing company in the industry and has operated during the past three completed fiscals in terms of revenue.

The company has in-house capabilities to manufacture all the core specialised engineering equipment required in the active pharmaceutical ingredient (API) and the manufacturing of fine chemical products. Over the last decade, it has supplied over 11,000 products. Its marquee customer base includes 30 out of approximately 80 pharmaceutical and chemical companies in the NSE 500 index as of June 30, 2024. It operates through its eight manufacturing facilities spread across a built-up/floor area of over 400,000 sq. ft., strategically located in Hyderabad, Telangana, the “Pharma Hub” of India, which accounted for 40.00% of the total Indian bulk drug production in Fiscal 202