Mumbai: The initial public offering (IPO) of Glen Industries, a manufacturer of eco-friendly food packaging products, opened for public bidding on July 8, 2025. The SME IPO is valued at Rs 63.02 crore and includes a fresh issue of 6.49 million equity shares. There is no offer for sale (OFS) component in this public issue.
Day 1 Subscription Status: 21 percent Booked
By 11 AM on the opening day, the IPO had received bids for 9,99,600 shares against the 4.69 million shares available for subscription, leading to an overall 21 percent subscription.
Retail investors led the charge, subscribing 35 percent of their allotted portion.
Non-institutional investors (NIIs) followed with 22 percent subscription.
Qualified institutional buyers (QIBs), however, had not placed any bids as of the latest update.
Price Band, Lot Size & Investment Details
The company has set a price band of Rs 92–Rs 97 per share.
Lot size: 1,200 shares
Retail investors can bid for a minimum of 2 lots (2,400 shares), costing Rs 2,32,800 at the upper band.
HNIs (High Net-Worth Individuals) must invest a minimum of Rs 3,49,200 for 3 lots (3,600 shares).
Key Dates and Listing Timeline
IPO closing date: July 10, 2025
Basis of allotment: Expected on July 11, 2025
Listing on BSE SME platform: Tentatively on July 15, 2025
Strong Grey Market Premium (GMP)
The IPO is commanding a grey market premium (GMP) of Rs 25, translating to an expected listing price of Rs 122 per share — about 25.77 percent above the issue price. This indicates strong interest from the unofficial market.
Use of IPO Proceeds
According to the red herring prospectus (RHP), Glen Industries plans to use:
Rs 47.7 crore to set up a new manufacturing facility at Jougram, Purba Bardhaman, West Bengal. The rest for general corporate purposes.
About Glen Industries
Founded in 2007, Glen Industries makes eco-friendly food packaging and service products, including:
- Thin-wall food containers
- PLA (polylactic acid) straws
- Paper straws
Its products serve the HoReCa (Hotel, Restaurant, Catering) sector, as well as the beverage and food packaging industries. The company operates a 90,000 sq ft facility in Dhulagarh, Howrah, West Bengal.
(Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy, sell, or subscribe to any securities. Readers are advised to consult with a certified financial advisor before making any investment decisions. IPO investments are subject to market risks, and past performance is not indicative of future results. The information provided here is based on publicly available sources and may be subject to change.)
