Agarwal Toughened Glass IPO Raises 31.25 pc Premium On Market Debut

New Delhi, Dec 5 (KNN) Agarwal Toughened Glass India made a robust market entry, with shares trading at Rs 141.75 on the NSE Emerge, representing a significant 31.25 per cent premium above its initial public offer (IPO) price of Rs 108. 

The stock was initially listed at Rs 135, marking a 25 per cent premium over its IPO price, and subsequently froze at its upper limit of 5 per cent compared to the listing price.

During the trading session, the stock oscillated between a high of Rs 141.75 and a low of Rs 130, with approximately 23.57 lakh shares exchanging hands. 

The IPO, which was open for bidding from 28 November to 2 December 2024, garnered substantial investor interest, being oversubscribed 9.25 times. The initial price band was set between Rs 105 and Rs 108 per share.

The public offering comprised a fresh issue of 41,49,600 equity shares, resulting in a notable reduction of promoter and promoter group shareholding from 95.16 per cent to 63.94 per cent. 

The company plans to deploy the net proceeds towards purchasing machinery for its existing manufacturing unit, repaying certain borrowings, addressing incremental working capital requirements, and supporting general corporate objectives.

Prior to the public offering, on 27 November 2024, the company successfully raised Rs 17.82 crore through anchor investors, allocating 16.50 lakh shares at Rs 108 per share to seven anchor investors. 

Agarwal Toughened Glass specialises in manufacturing toughened glass, offering a diverse range of products including laminated, frosted, tinted, reflective, clear, and double-glazed options used in applications spanning from mobile screen protectors to architectural elements and critical infrastructure.

As of 30 September 2024, the company demonstrated solid financial performance, recording revenue from operations of Rs 22.28 crore and a net profit of Rs 4.53 crore. 

With a workforce of 207 employees, the company appears positioned for potential growth in the specialised glass manufacturing sector.

(KNN Bureau)