Gold Plus Glass Industry files draft papers with Sebi to raise ₹500 crore via IPO
₹500 crore and an offer-for-sale (OFS) of up to 1.56 crore shares by promoters and investor shareholders. The individuals and entities participating in the OFS include Suresh Tyagi, Jimmy Tyagi, PI Opportunities Fund-I, and Kotak Special Situations Fund. Additionally, the Delhi-based company is contemplating raising ₹100 crore through a pre-IPO placement, which would result in a reduction of the issue size if executed.
Out of the total proceeds of ₹500 crore, approximately ₹400 crore will be allocated towards debt repayment, with the remaining portion earmarked for general corporate purposes. Gold Plus Glass Industry holds a significant position in the Indian float glass market, boasting a manufacturing capacity share of 22% as of September 2023. Its product offerings cater to various industries such as automotive, construction, and industrial sectors, featuring a diverse range of applications.
The company's product portfolio includes clear glass, along with 28 varieties of value-added glass products and 11 types of processed glass products. Furthermore, it possesses the capability to produce special thickness clear glass from its existing operational production line at the Belgaum, Karnataka facility. In April 2022, the company initially filed draft papers with SEBI for an IPO, obtaining approval from the regulator to proceed with the issue.
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