Gold Plus Glass Industry Ltd IPO

Last Updated: 21 November 2024 3:18 PM by rahul_raskar

Float glass maker Gold Plus Glass Industry Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The IPO comprises fresh issue of equity shares aggregating up to Rs 300 crore and an offer-for-sale (OFS) up to 12,826,224 equity shares by promoters and an existing shareholder, according to the draft red herring prospectus (DRHP).
As a part of the OFS, promoters -- Suresh Tyagi and Jimmy Tyagi -- will offer up to 1,019,995 equity shares each and investor PI Opportunities Fund-I will sell up to 10,786,234 equity shares
IIFL Securities, Axis Capital, Jefferies India and SBI Capital Markets are the book running lead managers to the issue.

Objective of the Issue

The net proceeds from the fresh issuance will be utilized for:
1.    funding debt as well as working incremental requirement
2.    general corporate purposes

Gold Plus Glass is the second-largest float glass manufacturer in India with 16% share of manufacturing capacity for float glass in FY2021. In north India, it is the largest float glass manufacturer and the only company with two production lines at one location with an aggregate capacity of 1,250 tonnes per day. It is among only two manufacturers in India capable of manufacturing a comprehensive range of clear and value-added glass from one location with both of the production lines being fungible which provides them with certain competitive advantages.
The company's products cater to a range of end-use industries including automotive, construction and industrial sectors, with a variety of applications such as exterior and interior spaces of residential and commercial buildings, furniture, infrastructure projects, windshields, sun-roofs, and white goods.
The company intends to set up an additional manufacturing facility with an annual installed capacity of 584,000 TPA (equivalent to 1,600 TPD) of float glass in Belgaum, Karnataka which is expected to be operational in the fourth quarter of FY2024. It also intends to set up another production line for the manufacture of silver mirror with an annual installed capacity of 36,500 TPA (equivalent to 100.00 TPD) at the Roorkee manufacturing facility which is expected to be operational in the second quarter of Fiscal 2023.
 

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