Float glassmaker 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 a fresh issue of equity shares aggregating up to Rs 500 crore and an offer-for-sale (OFS) of up to 1.56 crore shares by promoters and investor shareholders, according to the draft red herring prospectus (DRHP) filed on Saturday.
Those selling shares in the OFS are -- Suresh Tyagi, Jimmy Tyagi, PI Opportunities Fund-I and Kotak Special Situations Fund.
A 100 Crore Target
The Delhi-based company may consider raising Rs 100 crore through a pre-IPO placement. If such placement is undertaken, then the issue size will be reduced.
Of Rs 500 crore proceeds, funds to the tune of Rs 400 crore will be utilised to pay debt and a portion will also be used for general corporate purposes.
Gold Plus Glass Industry has a market share of 22 per cent as of September 2023.
The company's products cater to a range of end-use industries including automotive, construction and industrial sectors, with a variety of applications.
Its product portfolio comprises clear glass, 28 kinds of value-added glass products and 11 kinds of processed glass products, with a further capability to manufacture special thickness clear glass from the current operational production line at Belgaum, Karnataka facility.
In April 2022, the company had filed draft papers with Sebi to raise funds through an IPO. The firm received the regulator's nod to float the issue too but didn't launch it.
