Gold Plus Glass Industry IPO | The IPO is a mix of fresh issuance of Rs 500 crore worth of equity shares and an offer-for-sale (OFS) of 1.57 crore equity shares by promoters and investors.
Delhi-based Gold Plus Glass Industry has filed preliminary papers with the capital markets regulator SEBI as the company is planning to raise funds via initial public offering.
The IPO is a mix of fresh issuance of Rs 500 crore worth of equity shares and an offer-for-sale (OFS) of 1.57 crore equity shares by promoters and investors.
Promoters hold 70.44 percent equity stake (on a fully diluted basis) in the company, while public shareholders including PI Opportunities Fund – I (PIOF 1) and Kotak Special Situations Fund (KSSF), have 29.56 percent shareholding.
PIOF 1 currently holds 1,77,47,484 CCPS (compulsory convertible preferential shares) which will be later converted to 1,77,47,484 equity shares prior to filing of the RHP (red herring prospectus) with the Registrar of Companies (RoC). Further, KSSF holds 30,00,000 CCDs (compulsorily convertible debentures) which will also be converted up to a maximum of 1,00,08,000 equity shares.
Prior to the filing of RHP, the country’s second-largest float glass manufacturer may consider a further issue of equity shares worth Rs 100 crore, i.e. pre-IPO placement.
It is among the only two manufacturers in India with fungible production lines capable of manufacturing clear and value-added glass from a single manufacturing facility.
As of September 2023, it operates three fungible production lines with an aggregate capacity of 2,050 tonnes per day (TPD) across two locations in northern India at Roorkee, Uttarakhand and in southern India at Belgaum, Karnataka.
The company has also recently completed phase-II of the planned expansion with the solar glass line commencing trial production in December 2023 on which commercial production is expected to commence from February 2024.
Gold Plus Glass will utilise Rs 400 crore of net fresh issue proceeds for repaying its debt as the total outstanding borrowings at the end of September 2023 was Rs 1,389.9 crore.
IIFL Securities, Axis Capital, Kotak Mahindra Capital Company, and SBI Capital Markets are the book running lead managers to the issue.
Source: www.moneycontrol.com
