Delhi base Gold Plus Glass Industry Ltd. wants to launch its IPO. The company has submitted its draft red herring prospectus (DRHP) to stock market regulator SEBI recently. It is estimated that nearly 1.28 crore equity shares of the company will be on offer for sale during the IPO which consists of promoters and existing investors. Company plans to raise Rs. 300 crores during the IPO fund raising. IPO funds will be used for debt reduction, expansion and exit of existing investors.
Gold Plus Glass Industry started its operation during 1985 in the glass distribution business. The company claims to be the second-largest float glass manufacturer in India with 16% share of manufacturing capacity for float glass in Fiscal 2021. It also claims to be one of the leading players in India with 30% market share of sales volume for value-added glass and 15% market share of sales volume for clear glass during FY2021. Their products cater to automotive, construction and industrial sectors. They have glass products for almost all variety of applications.
Gold Plus Glass Industry has appointed Axis Capital, IIFL Securities, Jefferies India and SBI Capital Markets as the book running lead managers for the IPO.