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Standard Glass Lining Technology Ltd

Standard Glass Lining Technology Ltd IPO

Status: Closed

Overview

IPO date
06 Jan 2025 to 08 Jan 2025
Face value
₹ 10 per share
Price
₹ 133 to ₹140 per share
Issue Size
29,289,367 shares
(aggregating up to ₹ 410.05 Cr)
Allotment Date
09 Jan 2025
Listing at
NSE
Issue type
Book Building
Sector
Capital Goods-Non Electrical Equipment

Objectives of Standard Glass Lining Technology Ltd IPO

Initial public offering of 29,289,367 equity shares of face value of Rs. 10 each (the "Equity Shares") of Standard Glass Lining Technology Limited ("Company" or "Issuer") for cash at a price of Rs. 140 per equity share (the "Offer Price") aggregating to Rs. 410.05 crores (the "Offer") comprising a fresh issue of 15,000,000 equity shares of face value Rs. 10 each aggregating to Rs. 210.00 crores (the "Fresh Issue") and an offer for sale of 14,289,367 equity shares of face value Rs. 10 each aggregating Rs. 200.05 crores (the "Offer for Sale"), comprising an offer for sale of 11,316,367 equity shares of face value Rs. 10 each aggregating to Rs. 158.43 crores by the promoter selling shareholders (as defined hereinafter), 1,909,000 equity shares of face value Rs. 10 each aggregating to Rs. 26.73 crores by the promoter group selling shareholders and 1,064,000 equity shares of face value Rs. 10 each aggregating to Rs. 14.90 crores by the other selling shareholders (as defined hereinafter) (together, the "Selling Shareholders", and such equity shares, the "Offered Shares"). The face value of the equity shares is Rs. 10 each and the offer price is 14 times the face value of the equity shares of face value Rs. 10 each.

Standard Glass Lining Technology Ltd IPO Strategy

  • Continue to expand and improve our existing product portfolio and enter into additional end-user industries.
  • Expand our capacity by increasing the capabilities of our existing manufacturing plants as well as set up new manufacturing plants.
  • Capitalise on increasing demand from international markets to grow our exports.
  • Grow inorganically through strategic acquisitions and alliances.

About Standard Glass Lining Technology Ltd

Standard Glass Lining Technology Limited was incorporated as 'Standard Glass Lining Technology Private Limited' at Hyderabad, pursuant to a Certificate of Incorporation dated September 6, 2012, issued by the Registrar of Companies, Andhra Pradesh. Subsequently, upon the conversion of Company into a Public Limited Company, the name was changed to 'Standard Glass Lining Technology Limited' and a fresh Certificate of Incorporation dated, June 17, 2022, was issued by the RoC. The Company is engaged in the business of manufacturing and selling of glass lined reactors, receivers and storage tanks and is specialised in providing the turnkey solutions for the pharmaceutical industry sector. The Company acquired the Glass Lining Division in 2013. It sold 100 glass lined reactors in 2014. Further, the Company supplied stainless steel glass lined reactor to Natco Pharma Limited in 2016. In 2019, it supplied finished construction of new facility of glass lining equipment at SGL Unit. S2 Engineering Industry Private Limited was incorporated as a wholly-owned subsidiary in 2021. The Company is one of the top five specialised engineering equipment manufacturer for pharmaceutical and chemical sectors in India. It is also one of India's top three manufacturers of glass-lined, stainless steel, and nickel alloy based specialised engineering equipment. Their engineered solutions are used in processes across pharmaceutical, chemical, food and beverage, biotechnology and fertilizer sectors. It also provide turnkey automated equipment solutions, optimising processes like vacuum distillation, solvent recovery and gas dispersion. The Company has diversified customer base including end users operating in a range of sectors across pharmaceutical, chemicals, paint, bio technology and food and beverages. It operate through eight manufacturing facilities spread across built-up/floor area of over 400,000 sq. ft., strategically located in Hyderabad, Telangana, the 'Pharma Hub' of India. The Company is planning an IPO of raising capital from public by issuing 18,444,000 Equity Shares through Offer for Sale and funds Rs 250 Crore through Fresh Issue.

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Strengths vs Risks of Standard Glass Lining Technology Ltd

Know the pros & cons

Strengths

  • arrowOne of the top five specialised engineering equipment manufacturers for pharmaceutical and chemical sectors in India with products across entire value chain.
  • arrowCustomized and innovative product offering across the entire pharmaceutical and chemical manufacturing value chain.
  • arrowStrategically located manufacturing facilities with advanced technological capabilities.
  • arrowLong term relationships with marquee clientele across sectors.
  • arrowConsistent track record of profitable growth.
  • arrowExperienced promoters and management team.

Risks

  • arrowThe company is dependent on its manufacturing facilities, all of which are situated in Telangana, India. The company is subject to risks in relation to its manufacturing process including accidents and natural disasters and also risks arising from changes in the economic or political conditions of Telangana, India which in turn will interfere with its operations and could have an adverse effect on the company business, results of operations and financial condition.
  • arrowThe company business is dependent on the availability and retainment of skilled labour and workforce, and if its unable to hire and engage the appropriate personnel, the company's business, results of operations and financial condition shall be adversely affected.
  • arrowThe company is dependent on a limited number of suppliers for its key raw materials such as stainless steel, carbon/ mild steel, nickel alloy, forgings, castings, chemicals and polytetra fluoroethylene powder. The loss of one or more of these suppliers could adversely impact its manufacturing processes and supply timelines, in turn adversely impacting its ability to comply with delivery schedules agreed with clients resulting in impact on its financial condition and results of operations.
  • arrowMajority of its customers operate in the pharmaceuticals and chemical sectors. In each of the last three Fiscals and the six months period ended September 30, 2024, more than 88.20% of its revenue from operations were derived from the pharmaceutical and chemical sectors, combined. Factors that adversely affect these sectors or capital expenditure by companies within these sectors may adversely affect its business, results of operations and financial condition.
  • arrowThe company has witnessed negative cash flow from operating activities in the past. Any negative cash flows in the future would adversely affect its cash flow requirements, which may adversely affect the company ability to operate its business and the company financial condition.
  • arrowThe company does not have long term or exclusive contracts with majority of its customers and suppliers. If such customers choose not to source their requirements from it and or if such suppliers choose not to provide the company with the requisite raw materials, there may be a material adverse effect on its business, financial condition, cash flows and results of operations.
  • arrowUnder-utilization of its currently operational production lines at the company Manufacturing Facilities and an inability to effectively utilize its expanded manufacturing capacities could have an adverse effect on its business, future prospects, and future financial performance.
  • arrowThe company has incurred indebtedness and an inability to comply with repayment and other covenants in its financial arrangements could adversely affect the company business and financial condition. Further, certain of its financial agreements involve variable interest rates and an increase in interest rates may adversely affect its results of operations and financial condition.
  • arrowOne of its Promoters and SMP, Kudaravalli Punna Rao, and two of the company SMPs, Radhakrishna Bandi and Chamala Chandrasekhar Reddy, are unable to trace their educational documents. Accordingly, the company has not included the disclosure of their educational qualifications.
  • arrowThere may be delays or defaults in payment by its customers or the reduction in credit period for payments to be made to third-party service providers which could negatively affect its cash flows. As a result, the company experience significant working capital requirements and its inability to meet the company working capital requirements may materially and adversely affect its business, cash flows and financial condition.
  • arrowIts may not be able to adequately protect the company intellectual property. Further, its logo is not registered as of date of this Red Herring Prospectus.
  • arrowIts performance may be adversely affected if the company is not successful in forecasting customer demands, managing its inventory or working capital.
  • arrowThe company has certain contingent liabilities, capital commitments and guarantees which, if materialize, may affect its results of operations, financial condition, and cash flows.
  • arrowIts Manufacturing Facilities are dependent on adequate and uninterrupted supply of electricity and water. Any shortage or disruption of electricity and/or water, may lead to disruption in operations, higher operating cost and consequent decline in its operating margins.
  • arrowThe company revenue from operations is dependent upon a limited number of customers and the loss of any of these customers or loss of revenue from any of these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.
  • arrowIts business has grown rapidly in recent periods, and the company may not be able to sustain its rate of growth in the future.
  • arrowNearly all of its revenues for the six months period ended September 30, 2024, Fiscal 2024, Fiscal 2023 and Fiscal 2022 were derived from sales of products and services within India, which in turn exposes it to risks specific to the Indian geography and market. There can be no assurance that the company will be able to diversify the geographic sources of its revenues, which may adversely impact the company future results of operations and profitability.
  • arrowIts success depends on the company ability to understand evolving industry trends and to fulfill the changing preferences of its customers. Further, the cost of implementation of new technologies could be significant.
  • arrowIts may receive notices from regulatory authorities including environmental authorities, which may result in litigation, penalties, fines or cancellation or suspension of its operating licenses.
  • arrowThe Company had in the past failed to comply with certain provisions of Companies Act.
  • arrowThe Company is subject to certain exclusivity clauses pursuant to agreements entered into with international glass manufacturers. The invocation of such clause may adversely impact its business and production.
  • arrowImproper storage and handling of raw materials and finished products may cause damage to its inventory leading to an adverse effect on the company business, results of operations and cash flows.
  • arrowAs a manufacturing business, its success depends on the smooth supply and transportation of raw materials from its suppliers, and on the smooth delivery of the company products to its customers, both of which are subject to various uncertainties and risks.
  • arrowThe company has in the past entered into certain related party transactions and may continue to do so in the ordinary course of its business and the company cannot assure you that such transactions will not have an adverse effect on its results of operation and financial condition.
  • arrowInformation relating to the installed manufacturing capacity of its Manufacturing Facilities included in this Red Herring Prospectus are based on various assumptions and estimates and such assumption may cause future production and capacity to vary.
  • arrowAn inability to maintain adequate insurance cover in connection with its business may adversely affect the company operations and profitability.
  • arrowIts inability to successfully implement some or all the company's business strategies in a timely manner or at all could have an adverse effect on its business.
  • arrowAny failures to comply with quality standards may lead to warranty claims, cancellation of existing and future orders and could negatively impact its business, results of operations and financial condition.
  • arrowAn inability to protect and further strengthen and enhance its brand and business reputation could adversely affect the company business prospects and financial performance.
  • arrowThe company has in the past periods received certain benefits from the Government of Telangana under the Industrial Investment Promotion Policy 2010-15. There can be no assurance that its will receive similar benefits in the future, the unavailability of which will adversely impact its revenues and future profitability.
  • arrowIts success largely depends upon the knowledge and experience of the company Promoters, Directors and its Key Management Personnel and Senior Management as well as the company ability to attract and retain personnel with technical expertise. Any loss of its Promoters, Directors, Key Management Personnel and Senior Management or its ability to attract and retain them and other personnel with technical expertise could adversely affect its business, results of operations and financial condition.
  • arrowMajority of its Directors on the company Board have no experience of being directors in any other listed entity within India, therefore, they will be able to provide limited guidance in relation to affairs of the Company post listing.
  • arrowThe company requires various licenses and approvals for undertaking its businesses and the failures to obtain or retain such licenses or approvals in a timely manner, or at all, may adversely affect its operations.
  • arrowChanges in trade policies and regulations may adversely affect its operations and future profitability, especially on account of restrictions in import of the company key raw materials.
  • arrowAll of its Manufacturing Facilities and the company registered office are situated on parcels of land that have been leased by it. If the company is unable to renew existing leases or relocate its operations on commercially reasonable terms, there may be an adverse effect on its business, financial condition and operations.
  • arrowThe company relies on third-party transportation providers for the transportation of its finished products and any disruption in such delivery or failure by third parties in transporting the products may adversely affect its operations.
  • arrowThe examination report on its Restated Consolidated Financial Information discloses emphasis of matter paragraphs included in auditors reports on audited financial statements, and the company cannot assure that its financial information for future periods will not contain emphasis of matters.
  • arrowThe company intend to utilize a portion of the Net Proceeds for funding its capital expenditure requirements in relation to the expansion of the company manufacturing capacities which may be subject to the risk of unanticipated delays in implementation, cost overruns and other risks and uncertainties.
  • arrowThe Company proposes to utilize up to Rs. 1,300.00 million from the Net Proceeds (representing 61.90% of the Fresh Issue) to repay or prepay, in full or in part, all or certain outstanding borrowings availed by the Company and its Material Subsidiary. Its may not be able to derive the expected benefits of the deployment of the Net Proceeds, in a timely manner, or at all.
  • arrowAny variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
  • arrowThe Company has provided certain guarantees for loans availed by its Subsidiaries, which if invoked may require the Company to incur additional expenses, in turn adversely impacting its profitability and results of operations.
  • arrowThe information included in this Red Herring Prospectus in relation to its listed peers may not be comparable and it may be difficult to benchmark and evaluate its financial performance against other operators who operate in the same industry as the company.
  • arrowThe loss of accreditation for its Manufacturing Facilities and operations could damage the company reputation, business, results of operations and cash flows.
  • arrowThere have been certain instances of delays in payment of statutory dues by the Company in the past. Any delay in payment of statutory dues by the Company in the future may result in the imposition of penalties and in turn may have an adverse effect on the Company's business, financial condition, results of operation and cash flows.
  • arrowThe Company has availed certain unsecured borrowings which may be recalled by the lender at any time.
  • arrowAny downgrade in its credit ratings could increase the company borrowing costs, affect its ability to obtain financing, and adversely affect the company business, results of operations and financial condition.
  • arrowThe Company, Promoters, Subsidiary and Directors are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have a material adverse effect on its business, financial condition, cash flows, and results of operations.
  • arrowObjects of the Fresh Issue for which the funds are being raised have not been appraised by any bank or financial institutions. Any variation in the utilization of its Net Proceeds as disclosed in this Red Herring Prospectus would be subject to certain compliance requirements, including prior Shareholders' approval.
  • arrowIts may not derive the anticipated benefits from the company strategic investments and acquisitions and its may not be successful in pursuing future investments and acquisitions.
  • arrowThe Pharmaceutical industry and Chemical industry in India have experienced declines and slowing growth in the past and there are challenges to future growth prospects. In the event of similar instances of lack of growth or any challenges coming to fruition, these industries may not grow at the rate estimated herein or at all, which in turn could lead to a reduction in demand for its products.
  • arrowIts Promoters, the company Directors, Key Managerial Personnel and members of the Senior Management have interests in its business other than the reimbursement of expenses incurred or normal remuneration or benefits. Further, conflicts of interest may arise out of business ventures in which certain of its Directors are interested.
  • arrowCertain of its Directors and Key Managerial Personnel and Senior Management Personnel are related to each other and may be deemed to have interests in addition to receipt of renumeration.
  • arrowThe company cannot assure the payment of dividends on the Equity Shares in the future.
  • arrowIts may infringe the intellectual property rights of others and the company may faces claims that may be costly to defend and/or limit its ability to use such technology in the future, which may have a material adverse effect on its business, financial condition and results of operations.
  • arrowThe company engage in foreign currency transactions, which exposes its to adverse fluctuations in foreign exchange rates. Fluctuations in the exchange rate between the Rupee and other currencies may affect its operating results.
  • arrowIts revenue from manufacture of vacuum pumps is subject to challenges such as high initial cost and several technological restrictions faced in its operations.
  • arrowIts manufacturing facilities are located in the same geographical location and any disruptions in its manufacturing process due to local and regional factors could have an adverse effect on its business, financial condition and results of operations.
  • arrowFailures or disruption of its IT, ERP or CRM systems may adversely affect the company business, results of operations and financial condition.
  • arrowEmployee misconduct could harm it and is difficult to detect and deter.
  • arrowIn this Red Herring Prospectus, the company has included certain non-GAAP ("Generally Accepted Accounting Principles") financial measures and certain other industry measures related to its operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology applicable across the Indian retailing industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
  • arrowExtracts of industry information included in this Red Herring Prospectus has been derived from an industry report prepared by Frost & Sullivan (India) Private Limited exclusively commissioned and paid for by it for such purpose.
  • arrowAfter the completion of the Offer, its Promoters along with the members of the company Promoter Group will continue to collectively hold majority of the shareholding in the Company, which will allow them to influence the outcome of matters requiring shareholder approval.

Standard Glass Lining Technology Ltd Peer Comparison

Understand the company’s industry standing

Standard Glass Lining Technology Ltd
GMM Pfaudler Ltd
HLE Glascoat Ltd
Face Value
10
2
2
Standalone / Consolidated
Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
549.681
3466.5
976.736
EPS-Basis
3.52
39.79
6.52
EPS-Diluted
3.52
39.8
6.52
NAV Per Share
24.55
215.22
61.06
P/E-Basic EPS
---
30.64
56.54
P/E-Diluted EPS
---
---
---
RONW(%)
20.74
20.23
7.99
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 06 Jan 2025 & closes on 08 Jan 2025.

Standard Glass Lining Technology Limited was incorporated as 'Standard Glass Lining Technology Private Limited' at Hyderabad, pursuant to a Certificate of Incorporation dated September 6, 2012, issued by the Registrar of Companies, Andhra Pradesh. Subsequently, upon the conversion of Company into a Public Limited Company, the name was changed to 'Standard Glass Lining Technology Limited' and a fresh Certificate of Incorporation dated, June 17, 2022, was issued by the RoC. The Company is engaged in the business of manufacturing and selling of glass lined reactors, receivers and storage tanks and is specialised in providing the turnkey solutions for the pharmaceutical industry sector. The Company acquired the Glass Lining Division in 2013. It sold 100 glass lined reactors in 2014. Further, the Company supplied stainless steel glass lined reactor to Natco Pharma Limited in 2016. In 2019, it supplied finished construction of new facility of glass lining equipment at SGL Unit. S2 Engineering Industry Private Limited was incorporated as a wholly-owned subsidiary in 2021. The Company is one of the top five specialised engineering equipment manufacturer for pharmaceutical and chemical sectors in India. It is also one of India's top three manufacturers of glass-lined, stainless steel, and nickel alloy based specialised engineering equipment. Their engineered solutions are used in processes across pharmaceutical, chemical, food and beverage, biotechnology and fertilizer sectors. It also provide turnkey automated equipment solutions, optimising processes like vacuum distillation, solvent recovery and gas dispersion. The Company has diversified customer base including end users operating in a range of sectors across pharmaceutical, chemicals, paint, bio technology and food and beverages. It operate through eight manufacturing facilities spread across built-up/floor area of over 400,000 sq. ft., strategically located in Hyderabad, Telangana, the 'Pharma Hub' of India. The Company is planning an IPO of raising capital from public by issuing 18,444,000 Equity Shares through Offer for Sale and funds Rs 250 Crore through Fresh Issue.

Standard Glass Lining Technology Ltd IPO will close on 08 Jan 2025.

  • One of the top five specialised engineering equipment manufacturers for pharmaceutical and chemical sectors in India with products across entire value chain.
  • Customized and innovative product offering across the entire pharmaceutical and chemical manufacturing value chain.
  • Strategically located manufacturing facilities with advanced technological capabilities.
  • Long term relationships with marquee clientele across sectors.
  • Consistent track record of profitable growth.
  • Experienced promoters and management team.

S.No Promoters Name Pre Issue Shares Pre Issue Percentage Post Issue Shares Post Issue Percentage
1 Nageswara Rao Kandula 7650000 4.15 6885000 3.45
2 Kandula Krishna Veni 39580716 21.45 37179000 18.64
3 Kandula Ramakrishna 46934651 25.44 44064000 22.09
4 Venkata Mohana Rao Katragadda 1800000 0.98 1800000 0.9
5 Kudaravalli Punna Rao 500000 0.27 500000 0.25
6 S2 Engineering Services 24030000 13.02 18826000 9.44
7 Standard Holdings 5040000 2.73 4536000 2.27
8 Katragadda Venkat Ramani 2080000 1.13 1500000 0.75
9 Poojitha Katragadda 1800000 0.98 1800000 0.9
10 Venkata Siva Prasad Katragadda 1800000 0.98 1450000 0.73
11 Krishna Kanth Kudaravalli 900000 0.49 900000 0.45
12 Kudaravalli Srikanth 900000 0.49 900000 0.45
13 Balabhavani K 520000 0.28 520000 0.26
14 Synergen Solutions 36360 0.02 36360 0.01
15 Nextgen Unity 14550 0.01 14550 0.01
16 Autonomy Solutions 72720 0.04 72720 0.04
17 Apex Consulting 72720 0.04 72720 0.04

  • The company is dependent on its manufacturing facilities, all of which are situated in Telangana, India. The company is subject to risks in relation to its manufacturing process including accidents and natural disasters and also risks arising from changes in the economic or political conditions of Telangana, India which in turn will interfere with its operations and could have an adverse effect on the company business, results of operations and financial condition.
  • The company business is dependent on the availability and retainment of skilled labour and workforce, and if its unable to hire and engage the appropriate personnel, the company's business, results of operations and financial condition shall be adversely affected.
  • The company is dependent on a limited number of suppliers for its key raw materials such as stainless steel, carbon/ mild steel, nickel alloy, forgings, castings, chemicals and polytetra fluoroethylene powder. The loss of one or more of these suppliers could adversely impact its manufacturing processes and supply timelines, in turn adversely impacting its ability to comply with delivery schedules agreed with clients resulting in impact on its financial condition and results of operations.
  • Majority of its customers operate in the pharmaceuticals and chemical sectors. In each of the last three Fiscals and the six months period ended September 30, 2024, more than 88.20% of its revenue from operations were derived from the pharmaceutical and chemical sectors, combined. Factors that adversely affect these sectors or capital expenditure by companies within these sectors may adversely affect its business, results of operations and financial condition.
  • The company has witnessed negative cash flow from operating activities in the past. Any negative cash flows in the future would adversely affect its cash flow requirements, which may adversely affect the company ability to operate its business and the company financial condition.
  • The company does not have long term or exclusive contracts with majority of its customers and suppliers. If such customers choose not to source their requirements from it and or if such suppliers choose not to provide the company with the requisite raw materials, there may be a material adverse effect on its business, financial condition, cash flows and results of operations.
  • Under-utilization of its currently operational production lines at the company Manufacturing Facilities and an inability to effectively utilize its expanded manufacturing capacities could have an adverse effect on its business, future prospects, and future financial performance.
  • The company has incurred indebtedness and an inability to comply with repayment and other covenants in its financial arrangements could adversely affect the company business and financial condition. Further, certain of its financial agreements involve variable interest rates and an increase in interest rates may adversely affect its results of operations and financial condition.
  • One of its Promoters and SMP, Kudaravalli Punna Rao, and two of the company SMPs, Radhakrishna Bandi and Chamala Chandrasekhar Reddy, are unable to trace their educational documents. Accordingly, the company has not included the disclosure of their educational qualifications.
  • There may be delays or defaults in payment by its customers or the reduction in credit period for payments to be made to third-party service providers which could negatively affect its cash flows. As a result, the company experience significant working capital requirements and its inability to meet the company working capital requirements may materially and adversely affect its business, cash flows and financial condition.
  • Its may not be able to adequately protect the company intellectual property. Further, its logo is not registered as of date of this Red Herring Prospectus.
  • Its performance may be adversely affected if the company is not successful in forecasting customer demands, managing its inventory or working capital.
  • The company has certain contingent liabilities, capital commitments and guarantees which, if materialize, may affect its results of operations, financial condition, and cash flows.
  • Its Manufacturing Facilities are dependent on adequate and uninterrupted supply of electricity and water. Any shortage or disruption of electricity and/or water, may lead to disruption in operations, higher operating cost and consequent decline in its operating margins.
  • The company revenue from operations is dependent upon a limited number of customers and the loss of any of these customers or loss of revenue from any of these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.
  • Its business has grown rapidly in recent periods, and the company may not be able to sustain its rate of growth in the future.
  • Nearly all of its revenues for the six months period ended September 30, 2024, Fiscal 2024, Fiscal 2023 and Fiscal 2022 were derived from sales of products and services within India, which in turn exposes it to risks specific to the Indian geography and market. There can be no assurance that the company will be able to diversify the geographic sources of its revenues, which may adversely impact the company future results of operations and profitability.
  • Its success depends on the company ability to understand evolving industry trends and to fulfill the changing preferences of its customers. Further, the cost of implementation of new technologies could be significant.
  • Its may receive notices from regulatory authorities including environmental authorities, which may result in litigation, penalties, fines or cancellation or suspension of its operating licenses.
  • The Company had in the past failed to comply with certain provisions of Companies Act.
  • The Company is subject to certain exclusivity clauses pursuant to agreements entered into with international glass manufacturers. The invocation of such clause may adversely impact its business and production.
  • Improper storage and handling of raw materials and finished products may cause damage to its inventory leading to an adverse effect on the company business, results of operations and cash flows.
  • As a manufacturing business, its success depends on the smooth supply and transportation of raw materials from its suppliers, and on the smooth delivery of the company products to its customers, both of which are subject to various uncertainties and risks.
  • The company has in the past entered into certain related party transactions and may continue to do so in the ordinary course of its business and the company cannot assure you that such transactions will not have an adverse effect on its results of operation and financial condition.
  • Information relating to the installed manufacturing capacity of its Manufacturing Facilities included in this Red Herring Prospectus are based on various assumptions and estimates and such assumption may cause future production and capacity to vary.
  • An inability to maintain adequate insurance cover in connection with its business may adversely affect the company operations and profitability.
  • Its inability to successfully implement some or all the company's business strategies in a timely manner or at all could have an adverse effect on its business.
  • Any failures to comply with quality standards may lead to warranty claims, cancellation of existing and future orders and could negatively impact its business, results of operations and financial condition.
  • An inability to protect and further strengthen and enhance its brand and business reputation could adversely affect the company business prospects and financial performance.
  • The company has in the past periods received certain benefits from the Government of Telangana under the Industrial Investment Promotion Policy 2010-15. There can be no assurance that its will receive similar benefits in the future, the unavailability of which will adversely impact its revenues and future profitability.
  • Its success largely depends upon the knowledge and experience of the company Promoters, Directors and its Key Management Personnel and Senior Management as well as the company ability to attract and retain personnel with technical expertise. Any loss of its Promoters, Directors, Key Management Personnel and Senior Management or its ability to attract and retain them and other personnel with technical expertise could adversely affect its business, results of operations and financial condition.
  • Majority of its Directors on the company Board have no experience of being directors in any other listed entity within India, therefore, they will be able to provide limited guidance in relation to affairs of the Company post listing.
  • The company requires various licenses and approvals for undertaking its businesses and the failures to obtain or retain such licenses or approvals in a timely manner, or at all, may adversely affect its operations.
  • Changes in trade policies and regulations may adversely affect its operations and future profitability, especially on account of restrictions in import of the company key raw materials.
  • All of its Manufacturing Facilities and the company registered office are situated on parcels of land that have been leased by it. If the company is unable to renew existing leases or relocate its operations on commercially reasonable terms, there may be an adverse effect on its business, financial condition and operations.
  • The company relies on third-party transportation providers for the transportation of its finished products and any disruption in such delivery or failure by third parties in transporting the products may adversely affect its operations.
  • The examination report on its Restated Consolidated Financial Information discloses emphasis of matter paragraphs included in auditors reports on audited financial statements, and the company cannot assure that its financial information for future periods will not contain emphasis of matters.
  • The company intend to utilize a portion of the Net Proceeds for funding its capital expenditure requirements in relation to the expansion of the company manufacturing capacities which may be subject to the risk of unanticipated delays in implementation, cost overruns and other risks and uncertainties.
  • The Company proposes to utilize up to Rs. 1,300.00 million from the Net Proceeds (representing 61.90% of the Fresh Issue) to repay or prepay, in full or in part, all or certain outstanding borrowings availed by the Company and its Material Subsidiary. Its may not be able to derive the expected benefits of the deployment of the Net Proceeds, in a timely manner, or at all.
  • Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
  • The Company has provided certain guarantees for loans availed by its Subsidiaries, which if invoked may require the Company to incur additional expenses, in turn adversely impacting its profitability and results of operations.
  • The information included in this Red Herring Prospectus in relation to its listed peers may not be comparable and it may be difficult to benchmark and evaluate its financial performance against other operators who operate in the same industry as the company.
  • The loss of accreditation for its Manufacturing Facilities and operations could damage the company reputation, business, results of operations and cash flows.
  • There have been certain instances of delays in payment of statutory dues by the Company in the past. Any delay in payment of statutory dues by the Company in the future may result in the imposition of penalties and in turn may have an adverse effect on the Company's business, financial condition, results of operation and cash flows.
  • The Company has availed certain unsecured borrowings which may be recalled by the lender at any time.
  • Any downgrade in its credit ratings could increase the company borrowing costs, affect its ability to obtain financing, and adversely affect the company business, results of operations and financial condition.
  • The Company, Promoters, Subsidiary and Directors are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have a material adverse effect on its business, financial condition, cash flows, and results of operations.
  • Objects of the Fresh Issue for which the funds are being raised have not been appraised by any bank or financial institutions. Any variation in the utilization of its Net Proceeds as disclosed in this Red Herring Prospectus would be subject to certain compliance requirements, including prior Shareholders' approval.
  • Its may not derive the anticipated benefits from the company strategic investments and acquisitions and its may not be successful in pursuing future investments and acquisitions.
  • The Pharmaceutical industry and Chemical industry in India have experienced declines and slowing growth in the past and there are challenges to future growth prospects. In the event of similar instances of lack of growth or any challenges coming to fruition, these industries may not grow at the rate estimated herein or at all, which in turn could lead to a reduction in demand for its products.
  • Its Promoters, the company Directors, Key Managerial Personnel and members of the Senior Management have interests in its business other than the reimbursement of expenses incurred or normal remuneration or benefits. Further, conflicts of interest may arise out of business ventures in which certain of its Directors are interested.
  • Certain of its Directors and Key Managerial Personnel and Senior Management Personnel are related to each other and may be deemed to have interests in addition to receipt of renumeration.
  • The company cannot assure the payment of dividends on the Equity Shares in the future.
  • Its may infringe the intellectual property rights of others and the company may faces claims that may be costly to defend and/or limit its ability to use such technology in the future, which may have a material adverse effect on its business, financial condition and results of operations.
  • The company engage in foreign currency transactions, which exposes its to adverse fluctuations in foreign exchange rates. Fluctuations in the exchange rate between the Rupee and other currencies may affect its operating results.
  • Its revenue from manufacture of vacuum pumps is subject to challenges such as high initial cost and several technological restrictions faced in its operations.
  • Its manufacturing facilities are located in the same geographical location and any disruptions in its manufacturing process due to local and regional factors could have an adverse effect on its business, financial condition and results of operations.
  • Failures or disruption of its IT, ERP or CRM systems may adversely affect the company business, results of operations and financial condition.
  • Employee misconduct could harm it and is difficult to detect and deter.
  • In this Red Herring Prospectus, the company has included certain non-GAAP ("Generally Accepted Accounting Principles") financial measures and certain other industry measures related to its operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology applicable across the Indian retailing industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
  • Extracts of industry information included in this Red Herring Prospectus has been derived from an industry report prepared by Frost & Sullivan (India) Private Limited exclusively commissioned and paid for by it for such purpose.
  • After the completion of the Offer, its Promoters along with the members of the company Promoter Group will continue to collectively hold majority of the shareholding in the Company, which will allow them to influence the outcome of matters requiring shareholder approval.

The Issue type of Standard Glass Lining Technology Ltd is Book Building.

The minimum application for shares of Standard Glass Lining Technology Ltd is 107.

The total shares issue of Standard Glass Lining Technology Ltd is 29289367.

Initial public offering of 29,289,367 equity shares of face value of Rs. 10 each (the "Equity Shares") of Standard Glass Lining Technology Limited ("Company" or "Issuer") for cash at a price of Rs. 140 per equity share (the "Offer Price") aggregating to Rs. 410.05 crores (the "Offer") comprising a fresh issue of 15,000,000 equity shares of face value Rs. 10 each aggregating to Rs. 210.00 crores (the "Fresh Issue") and an offer for sale of 14,289,367 equity shares of face value Rs. 10 each aggregating Rs. 200.05 crores (the "Offer for Sale"), comprising an offer for sale of 11,316,367 equity shares of face value Rs. 10 each aggregating to Rs. 158.43 crores by the promoter selling shareholders (as defined hereinafter), 1,909,000 equity shares of face value Rs. 10 each aggregating to Rs. 26.73 crores by the promoter group selling shareholders and 1,064,000 equity shares of face value Rs. 10 each aggregating to Rs. 14.90 crores by the other selling shareholders (as defined hereinafter) (together, the "Selling Shareholders", and such equity shares, the "Offered Shares"). The face value of the equity shares is Rs. 10 each and the offer price is 14 times the face value of the equity shares of face value Rs. 10 each.