Investment Prospectus Submitted by Gold Plus Glass Industry to SEBI for IPO Consideration

Premji Invest backed Gold Plus Glass Industry, one of India’s leading float glass manufacturers, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its upcoming initial public offering (IPO). The IPO aims to raise funds through a primary issuance of shares valued at ₹500 crore, along with a secondary offering of 1.57 crore shares by the company’s promoters and existing shareholders.

The primary issuance of shares will help Gold Plus Glass Industry raise capital to repay outstanding loans, reduce its debt-equity ratio, and further invest in business growth and expansion. The company currently holds the position of being the second-largest float glass manufacturer in India with a 22 percent share of manufacturing capacity for float glass.

Gold Plus Glass Industry operates three interchangeable production lines with a combined capacity of 2,050 tonnes per day across two locations in Roorkee, Uttarakhand, and Belgaum, Karnataka. As of September 30, 2023, the company’s aggregate outstanding borrowings amounted to ₹1,390 crore.

The company also reported revenue of ₹834 crore and a profit of ₹42.5 crore in the six months leading up to September 2023. Notable financial institutions such as IIFL Securities, Kotak Mahindra Capital, Axis Capital, and SBI Capital Markets will serve as the book-running lead managers to the IPO.

The IPO filing marks a significant step in Gold Plus Glass Industry’s growth and expansion plans, providing an opportunity for investors to participate in the company’s future endeavors. The move also reflects the company’s confidence in its ability to deliver value and achieve long-term success as a publicly-traded entity.