Standard Glass Lining: Even as the broader markets signal muted sentiment, the primary market continues to attract much of the investor's attention as another IPO made a robust listing on the D-street. Shares of Standard Glass Lining were up by over 25% on the initial day of listing on both the bourses.
At 12:00 am, the shares of the company were trading at Rs 172 price level, up by over 22% on the National Stock Exchange.
Even during the bidding period, the IPO received a massive investor interest as the issue was subscribed over 183 times. The portion allocated for retail investors was subscribed 64.99 times.
The non-institutional investors (NII) category was subscribed over 275 times. As for the portion allocated for qualified institutional buyers, the quota was subscribed around 330 times.
However, after a robust listing, one question might now start bothering investors: To hold or sell?
What should investors do?
The company had received a 'buy' recommendation from most of the brokerages owing to its robust revenue and profit figures.
"With consistent growth in revenue and profitability, coupled with a reasonable valuation, the positive listing underscores investor confidence in the company’s growth potential. Investors are suggested to hold their position by keeping a stop loss at around 155," said Shivani Nyati, head of wealth at Swastika Investmart.
Prathamesh Masdekar, Research Analyst at StoxBox has also recommended investors hold their shares for long-term as the company continues to strengthen its existing product portfolio and further diversify into new categories.
"Given the company’s strong growth prospects and favorable industry trends, we recommend that investors who have been allotted shares consider holding their positions from a medium to long-term perspective," Masdekar added.
In FY24, Standard Glass Lining recorded a revenue of Rs 549 crore. The company profit after tax (PAT) figure stood at Rs 60 crore, up from Rs 53 crore recorded in the previous fiscal.
