On Monday, the shares of Standard Glass Lining (SGLT) will be available to buy and sell for the first time in the stock market. Before the big day, people were trading these shares in the grey market, showing a price premium of Rs 50. This means the stock may start trading at Rs 190, which is 36% higher than the highest price of Rs 140 that was set during the public offering. However, it’s important to remember that these grey market prices can change quickly and may not be accurate.
Standard Glass Lining has issued new shares worth Rs 210 crore and is also allowing existing shareholders to sell shares worth Rs 200 crore. Many people wanted these shares; they were 185 times more requested than what was available!
SGLT is one of India’s leading companies that makes special equipment for the pharmaceutical and chemical industries. They provide all the necessary tools for making medicines and chemicals, including tanks and pipelines made from various materials like glass, steel, and nickel alloy.
The company has been around for a while and has made more than 11,000 products in the last ten years. They serve a wide range of customers in fields like medicine, chemicals, paint, biotechnology, and food and drinks. Notably, they work with 30 out of about 80 companies listed on the NSE500 index.
Financially, SGLT has been doing really well. Their earnings have doubled in the past three years, with revenue increasing from Rs 240 crore in FY22 to Rs 544 crore in FY24. This growth is impressive, with an annual increase of about 50.4%. They have expanded their operations but also faced some borrowing costs due to interest rates.
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