GLEN Industries IPO subscribed 1.51 times on day 1 so far; check GMP, subscription status, more.
Glen Industries Limited focuses on producing environmentally friendly food packaging and service products.
The company is known for its thin-wall food containers and compostable straws, catering to sectors like Hotels, Restaurants, Cafés/Catering (HoReCa), the beverage sector, and food packaging.
To meet increasing demand, the company has opened a new 90,000 sq. ft. manufacturing facility in Dhulagarh, equipped with state-of-the-art machinery and skilled personnel to improve production and quality.
The company exports its products to Europe, the USA, Australia, the Middle East, and Africa, adapting to local preferences.
As per the red herring prospectus (RHP), the company's sole listed peer is Rajshree Polypack Ltd (with a P/E of 24.94).
GLEN Industries IPO subscription status is 1.51 times on day 1, so far, as per chittorgarh.com. The retail portion was subscribed 2.19 times, and NII portion was booked 2.16 times. Qualified Institutional Buyers (QIBs) portion is yet to be subscribed, and employee portion has been booked 14%.
The company has received bids for 65,90,400 shares against 43,71,600 shares on offer, at 16:54 IST, according to data on chittorgarh.com
GLEN Industries IPO consists of a fresh issue of 64,96,800 equity shares, aggregating to ₹ 63.02 crore, and there is no offer-for-sale (OFS) component.
Lalit Agrawal, CMD, Glen Industries said that this IPO is purely for funding their capex plans — there's no OFS, and promoter stake will remain strong post-listing.
'We've kept the pricing reasonable to leave room for investor upside. Our products cater to consistent demand sectors like HORECA and beverages, with a healthy share of exports. The new facility will help us scale efficiently and improve margins. We're also focused on ESG compliance and long-term operational strength. Overall, it's a step forward in building a stable and sustainable manufacturing businessman' added Agrawal.
GYR Capital Advisors Private Limited serves as the book-running lead manager for the GLEN Industries IPO, and Kfin Technologies Limited functions as the registrar for this issue. The market maker for the GLEN Industries IPO is Giriraj Stock Broking Private Limited.
GLEN Industries IPO GMP is +30. This indicates GLEN Industries share price were trading at a premium of ₹ 30 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of GLEN Industries share price was indicated at ₹ 127 apiece, which is 30.93% higher than the IPO price of ₹ 97.
'Grey market premium' indicates investors' readiness to pay more than the issue price.'
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
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