Gold Plus Glass Industry IPO is a Mainboard Book Built public issue by Gold Plus Glass Industry Limited. The public issue consists of a fresh issue of equity shares along with an Offer for Sale (OFS) by certain existing shareholders. After completion of the IPO process, the company’s equity shares are proposed to be listed on both the BSE and NSE.
The objective of the fresh issue is to strengthen the company’s capital structure through repayment or prepayment of certain borrowings and support general corporate purposes. The Offer for Sale will enable certain promoter and investor selling shareholders to partially reduce their shareholding. The company will receive the proceeds from the fresh issue, whereas the OFS proceeds will be received by the respective selling shareholders.
Gold Plus Glass Industry Limited is one of India’s leading float glass manufacturers and operates in the production of clear glass, value-added glass and processed glass products. The company has developed an integrated glass manufacturing and processing business serving customers across construction, automotive and industrial applications.
The company operates manufacturing facilities at Roorkee, Uttarakhand and Belgaum, Karnataka, along with a processing facility at Kala Amb, Himachal Pradesh. As of September 30, 2023, the company had three fungible production lines with an aggregate capacity of 2,050 tonnes per day. Its product portfolio comprised clear glass, 28 types of value-added glass products and 11 types of processed glass products.
The Indian float glass industry is supported by demand from construction, infrastructure, automotive, furniture, renewable energy and other industrial applications. Increasing urbanisation, infrastructure development and demand for energy-efficient and aesthetically advanced building products can support long-term demand for value-added glass. Investors should carefully evaluate the company’s financial performance, debt position, capacity expansion, raw material costs, energy requirements, competition and IPO valuation before making an investment decision.
Table of Contents
IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | Gold Plus Glass Industry IPO |
| Company Name | Gold Plus Glass Industry Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | |
| Issue Size | |
| Fresh Issue | Up to ₹500 Crore |
| Offer for Sale | Up to 1,56,67,977 Equity Shares |
| IPO Open Date | |
| IPO Close Date | |
| Anchor Investor Bidding | |
| Basis of Allotment | |
| Refund Initiation | |
| Shares Credited to Demat Account | |
| Listing Date | |
| Listing Exchange | BSE & NSE |
| Lot Size | |
| Registrar | KFin Technologies Limited |
| Book Running Lead Managers | Axis Capital Limited, IIFL Securities Limited, Kotak Mahindra Capital Company Limited and SBI Capital Markets Limited |
Gold Plus Glass Industry IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | |
| IPO Opening Date | |
| IPO Closing Date | |
| Basis of Allotment | |
| Refund Initiation | |
| Shares Credited to Demat Account | |
| Listing Date |
The final IPO timetable will be announced by the company after the issue terms are finalised. Investors should refer to the final Red Herring Prospectus and official price band advertisement for confirmed bidding, allotment and listing dates.
Gold Plus Glass Industry IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% |
| Non-Institutional Investors (NII) | Not Less Than 15% |
| Retail Individual Investors (RII) | Not Less Than 35% |
The IPO structure also provides for reservation for eligible employees, subject to the final terms of the issue. The final allocation under each investor category will depend on the applicable SEBI regulations and the basis of allotment.
Gold Plus Glass Industry IPO Lot Size
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | ||
| Retail Maximum | ||
| S-HNI Minimum |
The application amount will be calculated after the company announces the final price band and lot size.
About Gold Plus Glass Industry Limited
Gold Plus Glass Industry Limited was incorporated in December 2005 and is headquartered in New Delhi. The company traces its business journey in the glass industry back to 1985, when its promoter Subhash Tyagi started as a glass trader. The group subsequently expanded into glass processing and later entered float glass manufacturing.
The company commenced float glass manufacturing at Roorkee in 2009 and subsequently added another float glass production line. It expanded its manufacturing footprint through its Belgaum facility in Karnataka, while its processing operations include the Kala Amb facility in Himachal Pradesh. Gold Plus currently describes itself as the second-largest float glass manufacturer in India and states that it holds 26% of India’s float glass manufacturing capacity on its current website.
The company manufactures a wide range of glass products, including clear float glass, tinted glass, reflective glass, frosted glass, mirrors, solar glass and other value-added products. Its products are designed for applications across residential and commercial buildings, furniture, infrastructure projects, automotive components and industrial uses.
Gold Plus has developed a nationwide distribution network supported by business associates and strategically located manufacturing facilities. Its manufacturing capabilities include fungible production lines that can manufacture both clear and value-added glass, providing flexibility in responding to market demand.
Business Operations
Gold Plus Glass Industry Limited operates an integrated glass manufacturing and processing business.
- Clear Float Glass – The company manufactures clear float glass used in residential, commercial, industrial and infrastructure applications.
- Value-Added Glass – Gold Plus manufactures a broad range of value-added glass products designed for specialised performance and aesthetic requirements.
- Processed Glass – The company processes glass into products suitable for different architectural and industrial applications.
- Reflective Glass – Reflective glass products are used in building façades and architectural applications.
- Tinted Glass – Tinted products provide functional and aesthetic characteristics for building applications.
- Mirror Products – The company manufactures mirror products under its product portfolio, including Silvoxy Mirror.
- Solar Glass – Gold Plus has expanded into solar glass technologies as part of its broader value-added product portfolio.
- Architectural Glass – Its products are used for exterior and interior applications in residential and commercial buildings.
- Automotive Applications – Glass products are used in applications such as windshields and sunroofs.
- Industrial Applications – The company supplies glass products for furniture, white goods, infrastructure and other industrial uses.
Industry Overview
India’s glass industry is closely linked with construction, infrastructure, automotive and industrial activity. Float glass is an important material used in windows, façades, furniture, automotive applications, appliances and several infrastructure projects.
The Indian float glass market has witnessed increasing demand as urbanisation, residential construction, commercial development and infrastructure spending have expanded. Demand for value-added glass is also increasing as customers seek products offering improved aesthetics, solar control, energy efficiency, safety and specialised performance.
The industry has significant capital requirements because float glass manufacturing requires large-scale furnaces, production lines, energy infrastructure and specialised technology. This creates barriers to entry for new manufacturers while also making capacity utilisation and operating efficiency important factors for existing players.
Gold Plus operates in this market with manufacturing facilities in strategically located regions and a broad product portfolio. Its focus on value-added products and fungible manufacturing capabilities can provide flexibility as demand shifts between different glass categories. However, the business remains exposed to energy costs, raw material prices, industry capacity additions, imports and fluctuations in construction and automotive demand.
Business Strategy
Gold Plus Glass Industry Limited focuses on increasing its manufacturing capacity, expanding its value-added product portfolio, improving operational efficiency and strengthening its nationwide distribution network.
The company’s manufacturing strategy includes fungible production lines capable of producing both clear and value-added glass. This flexibility allows the company to adjust production according to demand and market conditions.
The company is also focused on expanding into emerging product categories, including solar glass, while continuing to develop its architectural and processed glass portfolio. Its current product range and manufacturing infrastructure provide exposure to several end-use industries rather than dependence on a single application.
Gold Plus also aims to strengthen its position through capacity expansion, technology adoption, product innovation and a wide business associate network. Its strategically located manufacturing facilities support distribution across different parts of India and can help reduce logistical challenges associated with serving customers nationwide.
Gold Plus Glass Industry IPO Financial Information
A company’s financial performance provides important insights into revenue growth, profitability, operational efficiency and financial stability. Reviewing financial results over multiple years helps investors understand how the business has developed and how effectively it has generated earnings from its manufacturing operations.
Gold Plus Glass Industry Financial Summary
| Particulars | FY2021 | FY2022 | FY2023 |
|---|---|---|---|
| Revenue from Operations | ₹852.55 Crore | ₹1,423.33 Crore | ₹1,421.93 Crore |
| EBITDA | ₹157.32 Crore | ₹462.65 Crore | ₹379.86 Crore |
| Profit After Tax (PAT) | ₹57.65 Crore | ₹248.67 Crore | ₹217.15 Crore |
| Net Worth | ₹428.87 Crore | ₹1,102.29 Crore | ₹1,319.24 Crore |
| Total Borrowings | |||
| EPS – Diluted | ₹6.17 | ₹26.32 | ₹21.13 |
| Net Asset Value | ₹22.68 | ₹93.70 | ₹107.24 |
The company reported strong growth in revenue and profitability between FY2021 and FY2022, while FY2023 revenue remained broadly stable. Revenue from operations increased from ₹852.55 crore in FY2021 to ₹1,421.93 crore in FY2023.
EBITDA increased from ₹157.32 crore in FY2021 to ₹379.86 crore in FY2023, although it declined from the FY2022 level of ₹462.65 crore. Similarly, PAT increased substantially from ₹57.65 crore in FY2021 to ₹217.15 crore in FY2023.
For the six months ended September 30, 2023, the company reported revenue from operations of ₹834.14 crore, EBITDA of ₹154.06 crore and profit after tax of ₹42.48 crore. The company’s financial performance should be evaluated along with industry cyclicality, energy costs, debt levels and capacity utilisation.
Gold Plus Glass Industry IPO Key Performance Indicators (KPIs)
Key Performance Indicators help investors assess the company’s profitability, operating efficiency, capital utilisation and financial strength. These financial ratios provide additional insights into the company’s performance and also help investors compare the company with other listed glass manufacturers.
| KPI | Sep 2023 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|
| EBITDA Margin | 18.47% | 26.71% | 32.50% | 18.45% |
| Return on Equity (ROE) | 3.71%* | 19.70% | 28.09% | 27.21% |
| Return on Capital Employed (ROCE) | 3.93%* | 16.10% | 31.15% | 12.53% |
| Debt-to-Equity Ratio | 1.21 | 0.79 | 0.38 | 2.66 |
| Net Debt/EBITDA | 8.93* | 2.30 | 0.72 | 3.58 |
| Earnings Per Share (EPS) | ₹4.13* | ₹21.13 | ₹26.32 | ₹6.17 |
| Net Asset Value (NAV) Per Share | ₹111.33 | ₹107.24 | ₹93.70 | ₹22.68 |
*Not annualised.
The company’s FY2023 EBITDA margin stood at 26.71%, while ROE was 19.70% and ROCE was 16.10%. The debt-to-equity ratio increased from 0.38 in FY2022 to 0.79 in FY2023, reflecting a higher level of leverage.
KPIs & Valuation
The company reported diluted EPS of ₹21.13 and NAV of ₹107.24 per share for FY2023. Since the final IPO price band has not been announced, the pre-IPO and post-IPO P/E calculations cannot be reliably determined.
| KPI & Valuation | Value |
|---|---|
| Pre-IPO EPS | ₹21.13 |
| Post-IPO EPS | |
| Pre-IPO P/E | |
| Post-IPO P/E | |
| NAV Per Share | ₹107.24 |
| Return on Net Worth | 19.70% |
| Return on Capital Employed | 16.10% |
The final valuation of Gold Plus Glass Industry IPO will depend on the offer price and post-issue share capital. Investors should compare the final valuation with listed glass manufacturers while considering differences in scale, product mix, capacity, profitability and debt.
Objects of the Gold Plus Glass Industry IPO
The company intends to utilise the net proceeds from the fresh issue for the following purposes:
- Repayment or prepayment of all or certain outstanding borrowings.
- General corporate purposes.
The fresh issue is proposed to aggregate up to ₹500 crore. Repayment or prepayment of borrowings is expected to strengthen the company’s balance sheet and reduce finance-related obligations.
The remaining proceeds, subject to applicable issue-related adjustments and the final offer terms, will be utilised for general corporate purposes.
The proceeds from the Offer for Sale will be received by the respective selling shareholders and will not form part of the company’s funds.
Gold Plus Glass Industry IPO Listing Performance
The listing performance reflects how the company’s shares perform on the stock exchanges after the IPO. Listing gains or losses can indicate initial investor sentiment, but long-term returns depend on financial performance, industry conditions, capacity expansion, operational execution and valuation.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | |
| Issue Price | |
| Listing Price | |
| Listing Gain | |
| Listing Gain (%) |
The listing performance will be available after the company’s shares commence trading on the stock exchanges. Investors should focus on long-term business fundamentals rather than short-term listing movements.
Gold Plus Glass Industry IPO Subscription Status
The subscription figures indicate the level of investor participation received during the IPO bidding period. Strong subscription generally reflects healthy market interest, although subscription levels alone should not be treated as an indication of long-term investment potential.
Gold Plus Glass Industry IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | |
| Non-Institutional Investors (NII) | |
| Retail Individual Investors (RII) | |
| Employee Category | |
| Total Subscription |
The final subscription figures will be available after the IPO bidding period begins and closes. They will provide an indication of investor participation across different categories.
Gold Plus Glass Industry IPO Review
Gold Plus Glass Industry Limited is an established Indian glass manufacturer with a strong presence in float glass and value-added glass products. The company serves a diversified range of applications across construction, automotive and industrial sectors and operates manufacturing facilities at Roorkee and Belgaum.
One of the company’s key strengths is its manufacturing scale and fungible production capabilities. As of September 30, 2023, the company had three fungible production lines with an aggregate capacity of 2,050 TPD. The ability to manufacture both clear and value-added glass provides operational flexibility and allows the company to respond to changing market demand.
The company also has a broad product portfolio. Its products include clear glass, 28 types of value-added glass and 11 types of processed glass, with applications ranging from building façades and interiors to furniture, infrastructure, automotive components and white goods. The current company website also highlights solar glass and other specialised products as part of its expanding portfolio.
Financially, the company has demonstrated strong growth compared with FY2021. Revenue increased significantly and the company remained profitable during the reported periods. However, profitability declined from FY2022 to FY2023, while the debt-to-equity ratio increased, making debt management an important factor for investors to monitor.
The glass manufacturing industry is capital-intensive and energy-intensive. Changes in fuel and power costs, raw material prices, imports, capacity additions and fluctuations in construction and automotive demand can influence margins. The company is also exposed to operational risks associated with its manufacturing facilities.
Overall, Gold Plus Glass Industry has an established position in the Indian float glass industry, significant manufacturing infrastructure, a diversified product portfolio and exposure to multiple end-use industries. Investors should carefully evaluate the final IPO valuation, debt position, capacity utilisation, energy costs, industry outlook and competitive position before investing.
Gold Plus Glass Industry IPO Strengths
- Second-largest float glass manufacturer in India based on manufacturing capacity as of September 30, 2023.
- Large manufacturing capacity supported by strategically located facilities in Roorkee and Belgaum.
- Fungible production lines capable of manufacturing both clear and value-added glass.
- Diversified product portfolio covering clear, value-added and processed glass products.
- Broad end-use exposure across construction, automotive, industrial, furniture and infrastructure sectors.
- Established brand and nationwide distribution network supported by a large business associate base.
Gold Plus Glass Industry IPO Risk Factors
- Glass manufacturing is energy-intensive, and increases in power and fuel costs can affect profitability.
- Raw material price fluctuations may adversely affect operating margins.
- Manufacturing disruption at the company’s facilities could materially affect production and financial performance.
- The company does not have long-term arrangements with all suppliers, creating procurement-related risks.
- Customer relationships may not always be supported by long-term agreements, which can affect sales visibility.
- The industry is competitive and cyclical, with imports, capacity additions and changes in construction demand potentially affecting pricing and utilisation.
Gold Plus Glass Industry IPO Promoters
Gold Plus Glass Industry Limited is promoted by Subhash Tyagi, Suresh Tyagi, Jimmy Tyagi, Aashish Tyagi, Subhash Tyagi Family Trust and Suresh Tyagi Family Trust.
Subhash Tyagi is the Chairman and Chief Promoter of the Gold Plus group. His association with the glass industry dates back to 1985, when he started as a glass trader. The business subsequently expanded into glass processing and manufacturing, eventually entering float glass production.
The promoter group has played an important role in developing the company’s manufacturing capabilities, distribution network, product portfolio and presence in the Indian glass industry.
Gold Plus Glass Industry IPO Promoters Details
| Promoter | Designation |
|---|---|
| Subhash Tyagi | Chairman |
| Suresh Tyagi | Vice Chairman |
| Jimmy Tyagi | Chief Executive Officer |
| Aashish Tyagi | Promoter |
Gold Plus Glass Industry IPO Management Team
The company is led by an experienced management team with expertise in glass manufacturing, business operations, finance and corporate compliance.
The management team focuses on expanding manufacturing capacity, improving operational efficiency, developing value-added products, strengthening distribution and maintaining the company’s position in the Indian glass industry.
| Name | Designation |
|---|---|
| Subhash Tyagi | Chairman |
| Suresh Tyagi | Vice Chairman |
| Jimmy Tyagi | Chief Executive Officer |
| Tarun Jain | Chief Financial Officer |
| Rahul Kapoor | Company Secretary & Compliance Officer |
The above management details are disclosed in the company’s DRHP and financial reporting documents.
Gold Plus Glass Industry IPO Registrar Details
The registrar is responsible for processing IPO applications, finalising the basis of allotment, crediting equity shares to successful applicants, initiating refunds and handling investor-related services.
| Particular | Details |
|---|---|
| Registrar Name | KFin Technologies Limited |
| Website | https://www.kfintech.com |
| IPO Allotment Status | https://ipostatus.kfintech.com/ |
| Email ID | [email protected] |
| Contact Number | +91 40 6716 2222 |
Gold Plus Glass Industry IPO Lead Manager Details
The Book Running Lead Managers are responsible for managing the IPO process, coordinating regulatory compliance and assisting the company throughout the public issue.
| Particular | Details |
|---|---|
| Lead Managers | Axis Capital Limited, IIFL Securities Limited, Kotak Mahindra Capital Company Limited and SBI Capital Markets Limited |
Gold Plus Glass Industry Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Gold Plus Glass Industry Limited |
| Registered Office | 4th Floor, Kings Mall, Sector 10, Rohini, New Delhi – 110085, Delhi, India |
| Website | https://goldplusgroup.com |
| Email ID | [email protected] |
| Contact Number | +91 11 6637 6000 |
The company’s current official website lists its registered/corporate office at Kings Mall, Sector-10, Rohini, New Delhi, and provides the company’s official contact details.
How to Check Gold Plus Glass Industry IPO Allotment Status
Investors can check the IPO allotment status after the basis of allotment is finalised through the registrar’s website or the relevant BSE/NSE IPO portal.
Through KFin Technologies Limited
- Visit the official KFin Technologies IPO allotment portal.
- Select Gold Plus Glass Industry IPO from the IPO list.
- Choose PAN Number, Application Number, or DP/Client ID.
- Enter the required details.
- Click Submit to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Gold Plus Glass Industry IPO from the list of IPOs.
- Enter your PAN Number or Application Number.
- Complete the verification process if required.
- Click Search to view the allotment result.
Gold Plus Glass Industry IPO Conclusion
Gold Plus Glass Industry IPO provides investors with an opportunity to participate in an established Indian float glass manufacturer with a diversified portfolio of clear, value-added and processed glass products. The company has manufacturing facilities in strategically located regions and serves customers across construction, automotive and industrial applications.
The company’s large manufacturing capacity, fungible production lines, broad product portfolio and nationwide distribution network provide important competitive strengths. Its expansion into value-added and solar glass products also provides exposure to evolving demand in the Indian glass industry.
The company has reported strong financial growth over the FY2021–FY2023 period, with substantial increases in revenue, EBITDA and profit compared with FY2021. At the same time, investors should monitor the decline in profitability from FY2022 to FY2023 and the increase in leverage.
The business is exposed to energy costs, raw material prices, manufacturing disruptions, competition, imports and fluctuations in construction and automotive demand. The final IPO valuation will therefore be an important factor in determining the attractiveness of the issue.
A detailed assessment of the final IPO price, valuation, financial performance, debt position, manufacturing capacity, industry outlook and future expansion plans can help investors determine whether the Gold Plus Glass Industry IPO is suitable for their investment objectives.
Gold Plus Glass Industry IPO FAQs
What is Gold Plus Glass Industry IPO?
Gold Plus Glass Industry IPO is the proposed Mainboard public issue of Gold Plus Glass Industry Limited, an Indian manufacturer of float glass, value-added glass and processed glass products.
What is the price band of Gold Plus Glass Industry IPO?
The price band of Gold Plus Glass Industry IPO has not been announced in the currently available official offer documents.
What is the issue size of Gold Plus Glass Industry IPO?
The proposed IPO comprises a fresh issue aggregating up to ₹500 crore along with an Offer for Sale of up to 1,56,67,977 equity shares.
When will the Gold Plus Glass Industry IPO open?
The IPO opening date has not yet been announced.
When will the Gold Plus Glass Industry IPO close?
The IPO closing date has not yet been announced.
On which stock exchanges will Gold Plus Glass Industry shares be listed?
The company’s equity shares are proposed to be listed on BSE and NSE.
Who is the registrar for the Gold Plus Glass Industry IPO?
KFin Technologies Limited is the registrar to the proposed issue.
What is the face value of Gold Plus Glass Industry IPO shares?
The face value of each equity share is ₹10.
What does Gold Plus Glass Industry Limited do?
Gold Plus Glass Industry Limited manufactures clear float glass, value-added glass and processed glass products. Its products serve construction, automotive, industrial, furniture, infrastructure and other applications.
What are the objects of the Gold Plus Glass Industry IPO?
The company intends to utilise the fresh issue proceeds primarily for repayment or prepayment of all or certain borrowings and general corporate purposes. The Offer for Sale proceeds will be received by the respective selling shareholders.
