Subscribe to Sejal Architectural Glass IPO: Keynote

MUMBAI: Keynote Capitals Research has advised investors to ‘subscribe with a long term view’ to the initial public offering of Sejal Architectural Glass.

The public issue comprises of 9.2 million equity shares of Rs 10 each in the price band of Rs 105-115 per share, aggregating Rs 106 crore. It closes on June 12.

Sejal Architectural Glass is into processing of insulating, toughened and laminated glass. The company also has a trading division which supports various in-house brands and products of other manufacturers. The products include tiles, sanitary-ware, mirrors, glass, etc. for home and commercial interiors.

The per capita consumption of glass doubled from 0.4Kg in 1999 to 0.8 Kg in 2007. The flat glass industry in India grew by 90 per cent during FY00-07. The demand for flat glass in 2005 was 1977 tonne per day, a growth of 18.5 per cent year on year.

Construction and auto are the major user industries of float glass. Both these industries reported phenomenal growth during the past few years, on account of softened interest rates.

However, the recent macro-economic developments are not very encouraging for construction / automotive industries. In the backdrop of the growing inflation, rising crude oil prices and increasing interest rate scenario, both industries are likely to see a marginal slowdown in the medium term.

The glass industry is also going under the strain of over-capacity situation, cheap Chinese glass imports and lack of codes of standards for Indian glass.

The company plans to set-up a glass manufacturing line (capacity of 550 tonne per day) in Gujarat. The line is expected to commence production in March 2009.

The Indian glass industry has immense potential to grow as the long term growth story in the construction and automotive industries in India remains intact. The introduction of low-cost cars and the changing focus of real estate developers to semi-urban cities due to high land prices can be major growth drivers.

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