The GMP has remained unchanged since yesterday.
The Glen Industries IPO has sailed through, with the issue getting subscribed over 6 times as of 1:20 pm on the second day. Against 46,96,800 equity shares offered for subscription, the number of bids received stood at over 2.85 crore. The portion for Retail Individual Investors (RIIs) was subscribed 10.19 times by this time.
The Non-Institutional Investors (NII) category was subscribed 5.45 times, while the Qualified Institutional Buyers (QIBs) quota was subscribed 0.34 times.
The IPO of Glen Industries opened for subscription on July 8, and the company is aiming to raise Rs 63.02 crore through a fresh issue of 64.96 lakh equity shares. The BSE SME-bound IPO has set its price band at Rs 92–97 per share.
Glen Industries manufactures eco-friendly packaging products such as compostable straws and thin-wall food containers, catering to the HoReCa (Hotels, Restaurants, Cafés), dairy, and beverage industries.The company exports to several regions, including the US, Europe, Australia, and the Middle East, with an established base of over 25 global customers.The minimum application size for retail investors is 2,400 shares.
The IPO will close on July 10. Allotment is expected on July 11, with refunds and demat credits scheduled for July 14. The company’s shares are set to list on the BSE SME on July 15.
Glen Industries plans to use the IPO proceeds primarily to set up a new manufacturing facility in West Bengal, with Rs 47.73 crore allocated for the project. The remainder will go toward general corporate purposes.
The company has posted strong financials, with FY25 PAT rising 113% to Rs 18.27 crore on revenue of Rs 171.3 crore. Glen aims to achieve a revenue milestone of Rs 1,000 crore by 2030, backed by a total investment plan of Rs 100.22 crore.
“We are entering a strategic phase of growth and need to raise capital for our upcoming facility,” said Lalit Agrawal, Chairman and Managing Director of Glen Industries. “By balancing equity with debt, we’ve ensured minimal dilution while fuelling expansion.”
Glen Industries has appointed GYR Capital Advisors as the book-running lead manager and KFin Technologies as the registrar.
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