Glen Industries IPO: GMP at 21% on last day of bidding. Check subscription status, other details

On the last day of its initial public offering (IPO), Glen Industries shares were trading at a grey market premium (GMP) of Rs 20-21 per share, or 20.6% above the upper end of the issue price of Rs 97. Based on this premium, the shares are expected to list at around Rs 117-118.

The GMP of the shares of Glen Industries has fallen from 31% on the second day of the bidding process.

As of 10:05 am today, the issue attracted a total subscription of 16.45 times, driven by enthusiasm across categories. Individual investors’ category (bidding for 2 lots), subscribed to the issue by 24.40 times, followed by the Non Institutional Investors (NIIs), who subscribed to the issue by 19.7 times.

The qualified institutional buyers (QIBs) had applied for 20.04 lakh shares out of 12,04,800 shares reserved for them, marking an overall subscription of 1.62 times.

About Glen Industries

Glen Industries specializes in the production of eco-friendly packaging solutions, including compostable straws and thin-wall food containers, primarily serving the HoReCa (Hotels, Restaurants, Cafés), dairy, and beverage sectors. The company has a strong international presence, exporting its products to regions such as the US, Europe, Australia, and the Middle East, and maintains a customer base of over 25 global clients.

Glen Industries has reported robust financial performance, with its FY25 profit after tax (PAT) surging 113% to Rs 18.27 crore on a revenue of Rs 171.3 crore. Looking ahead, the company aims to reach a revenue milestone of Rs 1,000 crore by 2030, supported by a total investment plan of Rs 100.22 crore.

About Glen Industries IPO

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 rest will go toward general corporate purposes.

The minimum application size for retail investors is 2,400 shares.

The IPO will close for bidding today, July 10, with the allotment of shares expected on July 11. Refunds and demat account credits are slated for July 14, and the company’s shares are set to debut on the BSE SME platform on July 15.

Glen Industries has appointed GYR Capital Advisors as the book-running lead manager and KFin Technologies as the registrar.

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