Gold Plus Glass Industry Limited – About the Company
Subhash Tyagi (Promoter and chairman of Gold Plus Glass Industry) started his journey in 1985 as a distributor in the glass distribution business. In 2009, the company began manufacturing float glass. Today, with a 22% share of manufacturing capacity, the company is India's second-largest float glass manufacturer. The company operates three fungible production lines across two locations: Roorkee, Uttarakhand, and Belgaum, Karnataka, capable of producing both clear and value-added glass with an aggregate capacity of 2,050 metric tons per day (TPD).
The company caters to multiple markets in the clear, value-added glass segment, as well as solar glass. The company's product portfolio currently comprises clear glass, 28 kinds of value-added glass products, and 11 kinds of processed glass products.
Gold Plus Glass Industry Limited IPO Objectives
The issue consists of offer for sale and fresh issue of Rs 500 crore.
Objective of fresh issue include
- Repayment/prepayment of certain of their borrowings amounting to Rs. 400 crore
- General corporate purposes
Company will not receive any funds from the funds received through offer fore sale.
Gold Plus Glass Industry Limited IPO Details:
| IPO Open Date | To be Announced |
| IPO Close Date | To be Announced |
| Basis of Allotment | To be Announced |
| Listing Date | To be Announced |
| Face Value | Rs 10 per share |
| Price | To be Announced |
| Lot Size | |
| Total Issue Size | Up to [●] Equity Shares |
| aggregating up to ₹[●] million | |
| Fresh Issue | Fresh Issue of up to [●] |
| aggregating up to ₹5,000 million | |
| Offer For Sale | Upto 15,667,977 Equity Shares |
| aggregating up to ₹ [●] million | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Upto 60% of the Net Issue |
| Retail Shares Offered | Not more than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not more than 15% of the Net Issue |
Gold Plus Glass Industry Limited IPO Issue Price & Size
According to the DRHP document, only the offer for sale and fresh issue size of the Gold Plus Glass Industry IPO is known, which consists of fresh issue of Rs. 500 cr and offer for sale of up to 15,667,977 Equity Shares by sealing promoter. The issue prices haven’t been released and therefore total issue size will be updated upon release.
Gold Plus Glass Industry Limited Financial Statements:
| Particulars | 6-Month ended
Sep 30, 2023 |
FY23 | FY22 | FY21 |
| Revenue from operations | 8341.43 | 14219.3 | 14233.33 | 8525.51 |
| Other income | 80.85 | 205.65 | 119.95 | 168.81 |
| Cost of materials consumed | 3124.06 | 4486.27 | 3237.03 | 2421.75 |
| Changes in stock of finished goods &
work-in-progress |
-763.92 | 677.3 | 338.4 | 361.7 |
| Employee benefits expense | 351.94 | 579.72 | 509.73 | 386.19 |
| Finance costs | 433.54 | 374.12 | 598.34 | 760.21 |
| Depreciation and amortisation expense | 604.93 | 728.24 | 807.4 | 822.83 |
| Other expenses | 4088.71 | 6032.14 | 5523.12 | 3782.37 |
| Total expenses | 7839.26 | 11523.19 | 11014.02 | 8535.02 |
| Profit/ (loss) for the period/ years | 424.78 | 2171.54 | 2486.67 | 576.46 |
| Basic EPS | 45.61 | 28.7 | 32.87 | 7.62 |
| Diluted EPS | 4.13 | 21.13 | 26.32 | 6.17 |
| Particulars | For the six months period ended September 30, 2023 | FY23 | FY22 | FY21 |
| EBITDA | 1540.6 | 3798.61 | 4626.46 | 1573.16 |
| EBITDA Margin | 18.47% | 26.71% | 32.50% | 18.46% |
| ROE | 3.71% | 19.70% | 28.09% | 27.21% |
| 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% |
Gold Plus Glass Industry Limited IPO Promoters & Shareholding of the Company
The Promoters of our Company are:
- Subhash Tyagi :- Promoters, the Chairman and a Whole time Director
- Suresh Tyagi:- Promoters, Vice-Chairman and Whole time Director
- Jimmy Tyagi :- Promoters and CEO
- Aashish Tyagi :- Promoters and the Chief Procurement Officer
- Subhash Tyagi Family Trust
- Suresh Tyagi Family Trust
| Name of the Promoter | Equity Shares held as on the date of this DRHP | CCDs held as on the date of this DRHP | Equity Shares held assuming conversion of CCDs |
| Subhash Tyagi Family Trust | 9956740 | 20000 | 10023460 |
| Suresh Tyagi | 10984538 | 20000 | 11051258 |
| Jimmy Tyagi | 14984538 | 20000 | 15051258 |
| Aashish Tyagi | 309102 | 20000 | 375822 |
| Subhash Tyagi Family Trust | 22116880 | NIL | 22116880 |
| Suresh Tyagi Family Trust | 15424096 | NIL | 15424096 |
Products offered by Gold Plus Glass Industry Limited
Their product portfolio includes clear glass, 28 types of value-added glass products, and 11 types of processed glass products.
Value-added glass products include
- Silver glass
- Frosted glass
- Mirrors
- Tinted glass
- Solar control reflective glass
Processed glass includes
- Toughened glass
- Heat-strengthened glass
- Ceramic insulated glass
- PVB laminated glass
- Bullet-resistant glass
Lacquered glass
Special thickness glass
Why Invest in Gold Plus Glass Industry Limited IPO?
While investing in an IPO-bounded company, one should check their fundamentals that help an investor to Visions Company’s financial performance and competitive strength which at last drives its business growth. Fundamental analysis apart from financial and competitive strength, also help you to know the risk factors that can affect the business operations and future prospects of the company. After evaluating the variables such strength weakness, financials, you may strike a balance and decide to invest or not invest in an IPO.
Competitive Strengths:
Leading Player in the High-Growth Indian Glass Industry
Gold Plus Glass Industry Limited with its three commercially operational fungible production lines and 22% of the manufacturing capacity of float glass, the company is second largest float glass manufacturer in India. In June 2023 with phase-I completion of the planned expansion of the Belgaum, Karnataka, the company has increased its aggregate manufacturing capacity from 1,250 TPD to 2,050 TPD.
High entry barriers industry
Float glass industry faces high entry barriers due to its capital-intensive nature, long gestation period, and catering to a wide range of products. Setting up a manufacturing line takes two to three years and requires refurbishment of fixtures every 10 to 15 years. Setting up a manufacturing capacity line takes two to three years and for it to be operational sustainability and profitability, minimum capacity line required is 500 TPD to 600 TPD. If we see capacity expansion in industry, only two glass manufacturers have commissioned new float lines in the last three to four years.
Strategically Located Facilities
The company operates two strategically located facilities in India; first one located in Roorkee, Uttarakhand and other located in Belgaum, Karnataka for manufacturing clear and value-added glass products.
The Roorkee, Uttarakhand facility, spread over 97.40 acres, operates two fungible production lines capable of producing both clear and value-added glass. Production line 1 has an annual capacity equivalent to 550 TPD and production line 2 has an installed capacity equivalent to 700 TPD. The Belgaum facility, includes one operational fungible production line with an annual installed capacity equivalent to 800 TPD.
Comprehensive Product Portfolio
Over the year tracking industry demand, the company has a wide range offers for glass products, including clear glass, value-added glass, and processed glass.
The company produces a variety of glass products
- Silver glass
- Frosted glass
- Mirrors
- Tinted glass
- Solar control reflective glass
They also produce processed glass, such as
- Toughened glass
- Heat-strengthened glass
- Ceramic insulated glass
- PVB laminated glass
- Bullet-resistant glass.
| Category | FY21 | FY22 | FY23 | 6 Mon ended Sep 2023 |
| Clear Glass | 60.67% | 48.27% | 44.04% | 54.25% |
| Value Added Glass | 37.77% | 50.11% | 53.46% | 43.46% |
| Processed Glass | 1.56% | 1.62% | 2.50% | 2.29% |
Adding new manufacturing line for market share
Seeing the demand graph growing at 10% to 12% from 3.8 million tons in FY23 to 4.9-5.2 million tons in FY26, the company plans to expand its manufacturing capacity to capitalize on this demand-supply gap at its Belgaum, Karnataka and Roorkee, Uttarakhand facility.
Risks Factors:
Currently operates two manufacturing facilities
The company at the time of filing prospectus operates two manufacturing facilities
- Roorkee, Uttarakhand
- Belgaum, Karnataka.
| Particulars | FY22 | FY23 | ||
| Actual Production | Capacity Utilisation | Actual Production | Capacity Utilisation | |
| Production line 1 | 158219 | 78.81% | 151009 | 75.28% |
| Production line 1 | 230816 | 90.34% | 206293 | 80.75% |
Any disruption in these two production lines due to any uncertain and unknown reason could have negative impact on operations, profitability and financial performance.
Reliant on Power and Fuel Cost
The glass-making industry is an energy-intensive business. To run the boiling furnace, it requires a significant and regular supply of inputs like water, power, fuel, and electricity. Power along with other input material costs, represent a significant portion of their operating costs. A steep rise in the price of input materials may affect their profit margins.
| Particulars | FY23 | FY22 | FY21 | 6 month ending Sep 2023 | |
| % of Revenue from Operations | |||||
| Power and Fuel Cost | 22.23% | 22.08% | 27.07% | 31.14% | |
Supplier concentration
The company's success depends on its ability to source raw materials and other inputs on a regular basis, at low prices, and easy terms. The company also imports certain raw materials from China, such as targets for reflective coatings, silver nitrate, and mirror paint.
| Suppliers Concentration | FY21 | FY22 | FY23 | 6 Month
ended Sep 2023 |
||||
| Amount | % of Cost of Raw Material | Amount | % of Cost of Raw Material | Amount | % of Cost of Raw Material | Amount | % of Cost of Raw Material | |
| Top 5 | 1412.15 | 58.31% | 1991.73 | 61.53% | 2957.79 | 65.93% | 1818.47 | 58.21% |
Gold Plus Glass Industry Limited IPO Grey Market Premium (GMP)
GMP is the premium price paid over the IPO issue price. This premium is seen from speculator or trader view, that they are ready to pay in the grey market. GMP is an unofficial ecosystem that is determined in the grey market and keeps fluctuating as per the demand and supply of the shares in the primary market. However, GMP only should be not considered as a reliable factor to determine the listing price of an IPO-bounded company, as there are various factors that affect the stock market and individual stocks.
Also Read: What are the Top Factors Affecting the Stock Market in India
The DRHP has only been filled with the SEBI and no further news on issue launch date is present in market. As and when the RHP is filed and date of IPO comes near, grey market premium price discovery will be made available through online sources.
How to Apply for GOLD PLUS GLASS INDUSTRY LIMITED?
If you choose the best discount brokers in India like Moneysukh, you can easily apply in the Gold Plus Glass Industry Limited or invest in any listed companies in the secondary market. You just need to open a trading account and demat account to apply in the IPOs, or do trading and investing in the stock market through the best trading platform at Moneysukh.
Also Read: Trading or Investing Which is Better and More Profitable
Here you will enjoy all the facilities and advantages of the best online trading app through the most advanced trading software or algorithms like Trade Radar, TradeTron, Quantman, AlgoBulls, Keev and FoxTrader with the best charting system TradingView to trade or invest in equities, commodities and forex market. Right now to apply for the Mobikwik IPO you can follow the steps given below.
Also Read: Things to Know Before Starting Forex Trading & How to Start
Steps to Apply for Gold Plus Glass Industry Limited:
Step 1: Wait for the date Gold Plus Glass Industry Limited to open for online bidding.
Step 2: Now browse the trade.moneysukh.com and log in with your User ID & password.
Step 3: Here you need to find the IPO section and click onGold Plus Glass Industry Limited.
Step 4: Now just fill in the required details like price, quantity, and so on.
Note: While applying in any IPO, make sure to bid at the cutoff price before submitting your application.
Step 5: Finally make the payment and then submit your IPO application successfully.
How to Check Gold Plus Glass Industry Limited Allotment Status?
Apart from Moneysukh, you can also use stock exchange websites like BSE or NSE to check the Gold Plus Glass Industry Limited allotment status. Checking the allotment status is possible only after the closing of the bidding and the basis of the allotment date arrives. You can use your PAN card details and IPO application number to check the Mobikwik IPO allotment status.
Also Read: How to check IPO allotment status on NSE, BSE through Moneysukh
However, if the IPO is oversubscribed in all the categories including retail and HNI, then there is less chance of getting the allotment of shares. But if you follow the investing tips while applying for in IPO, you can improve your chances of allotment in the IPO.
Also Read: How to Increase the Chances of IPO Allotment
If you have not been allotted any share, your IPO application money will be refunded into your bank account or the fund will be unblocked if applied through ASBA. If you have allocated any share in the allotment, then it will be transferred into your demat account before the listing that you can sell to book profits or keep from the long-term investment viewpoint.
Also Read: What to Know Before Investing in Stocks: 10 Things to Consider
