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IPO Details

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Initial public offer of up to [] equity shares of face value of Rs. 10 each (Equity Shares) of Gold Plus Glass Industry Limited (Company or Issuer) for cash at a price of Rs. [] per equity share (including a share premium of Rs. [] per equity share) (Offer Price) aggregating up to Rs. [] crores comprising a fresh issue of up to [] equity shares aggregating up to Rs. 500.00 crores by the company (Fresh Issue) and an offer for sale of up to 15,667,977 equity shares aggregating up to Rs. [] crores (Offered Shares) by the selling shareholders (as defined below), comprising up to 1,019,995 equity shares aggregating up to Rs. [] crores by Suresh Tyagi, up to 1,019,995 equity shares aggregating up to Rs. [] crores by Jimmy Tyagi (Suresh Tyagi and Jimmy Tyagi, collectively referred to as Promoter Selling Shareholders) and up to 10,277,987 equity shares aggregating up to Rs. [] crores by PI Opportunities Fund - I and up to 3,350,000 equity shares aggregating up to Rs. [] crores by Kotak Special Situations Fund (PI Opportunities Fund - i and Kotak Special Situations Fund, collectively referred to as the Investor Selling Shareholders and the promoter selling shareholders and the investor selling shareholders together referred to as the Selling Shareholders) (Offer for Sale, and together with the fresh issue, the Offer). PIOF 1 holds 17,747,484 CCPS which will be converted to 17,747,484 equity shares the roc. The equity shares proposed to be offered by PIOF 1 as part of the offer for sale will include a portion of equity shares which will result upon conversion of 17,747,484 ccps held by piof 1. Further, KSSF holds 3,000,000 ccds which will be converted up to a maximum of 10,008,000 equity shares, the roc. The equity shares proposed to be offered by KSSF as part of the offer for sale will include a portion of equity shares which will result upon conversion of 3,000,000 ccds held by KSSF. This offer includes a reservation of up to [] equity shares aggregating up to Rs. [] crores (constituting up to []% of the post-offer paid-up equity share capital of the company) for subscription by eligible employees (the Employee Reservation Portion). The company in consultation with the book running lead managers, and in accordance with applicable law may offer a discount of up to [] % to the offer price (equivalent of Rs. [] per equity share) to eligible employees bidding under the employee reservation portion (Employee Discount), subject to necessary approvals as may be required. The offer less the employee reservation portion is hereinafter referred to as the Net Offer. The offer and the net offer will constitute at least []% and []% of its post-offer paid-up equity share capital, respectively. The company may, in consultation with the book running lead managers (brlms), consider a further issue of specified securities as may be permitted under applicable law, to any person(s), aggregating to [] equity shares up to Rs. 100.00 crores, at its discretion, with the roc (pre-ipo placement). The pre-ipo placement, if undertaken, will be at a price to be decided by the company in consultation with the brlms. If the pre-ipo placement is undertaken, the amount raised pursuant to the pre-ipo placement will be reduced from the fresh issue, subject to compliance with rule 19(2)(b) of scrr. The face value of equity shares is Rs. 10 each. The offer price is [] times the face value of the equity shares. The price band, the employee discount and the minimum bid lot will be decided by the company.

Read More

Gold Plus Glass Industry is the second-largest float glass manufacturer in India with a 22% share of manufacturing capacity for float glass as of September 30, 2023.

The company produces an extensive range of clear and value-added glass, from facilities having an aggregate capacity of 2,050 tonnes per day (TPD).

With that, let’s take a look at the competitive strengths and risk factors for Gold Plus Glass Industry IPO.

Leading Player in the high-growth Indian glass industry with significant entry barriers

The float glass industry is characterised by high entry barriers because of the capital-intensive nature of the industry, long gestation period and the need to cater to an extensive range of products. (Source: CRISIL Report). Despite that, Gold Plus Glass Industry is among the only two glass manufacturers that have commissioned new float lines in the last three to four years. In addition, they have three fungible production lines and a large and diversified quality-certified product portfolio that gives them an advantage.

(Source: CRISIL Report)

Comprehensive Product Portfolio Catering to a Wide Range of Industries

Their product portfolio comprises clear glass and value-added glass like silver glass, frosted glass, mirrors, tinted glass, etc. catering to a wide range of end-user industries like construction, automotive, and industrial sectors, with a variety of applications such as exterior and interior spaces of residential and commercial buildings, furniture, infrastructure projects, and windshields, among others.

Extensive Pan-India Distribution Network with a Large Business Associate Base

The company’s glass products are sold across India, where they have developed an extensive Pan India distribution network, as well as in certain international markets. As of September 30, 2023, the company had 2,029 business associates, including 737 distributors, 252 processors, and 1,040 retailers across 24 States and 6 union territories in India. In addition, as of September 30, 2023, they had 99 business associates in eight international markets.

  • The company currently operates two manufacturing facilities, located at Roorkee, Uttarakhand and at Belgaum, Karnataka. Any slowdown or disruption in their manufacturing operations could hurt their business

  • The company may not be able to sustain historical growth in revenue from operations in the future that could hurt the business.

  • Their ongoing capacity expansion plans for the facility at Belgaum, Karnataka are subject to the risk of unanticipated delays in implementation and cost overruns.

  • Focus on increasing their market share by adding new manufacturing capacity and distribution network

  • Continue to focus on digital and operational initiatives and enhance brand awareness and engagement

  • Improve operational efficiency through backward integration and digitise their warehouse and logistics operations

Here are the key financials for Gold Plus Glass Industry IPO:

Particulars (in Rs. million)

Particulars (in Rs. million)

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How to apply for IPO through ASBA

How to apply for IPO through ASBA

Kotak Securities

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Opening of account will not guarantee allotment of shares in IPO. Investors are requested to do their own due diligence before investing in any IPO.

Here are the steps to apply for Gold Plus Glass Industry Ltd IPO:

Step 1: Log in to your Kotak Securities Demat account Log in to your Demat account to access IPO investments. Next, select the current IPO section.

Step 2: Specify IPO details Enter the number of lots and the price you wish to apply for.

Step 3: Enter UPI ID After entering your UPI ID, click submit. This will place your bid with the exchange.

Step 4: Mandate Notification Your UPI app will receive a mandate notification to block funds.

Step 5: Approve Request Your funds will be blocked once you approve the mandate request on your UPI.

Gold Plus Glass Industry IPO FAQs

The Gold Plus Glass Industry’s IPO has an issue size of XX crores. The IPO opens for subscription on Day/Month/Year and closes on Day/Month/Year.

KFin Technologies Limited is the registrar for this IPO.

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