Glen Industries is engaged in the manufacturing of diverse range of Food packaging and Service Products primarily Thin Wall Food Containers, Polylactic Acid (PLA) Straws and Paper Straws all mainly supplied to the Hotel, Restaurant, and Café/Catering (HoReCa) sector, Beverage industry and food packaging industry. Their extensive product lineup, available in various shapes and sizes, is widely favored by sectors such as the HoReCa industry, Quick Service Restaurants (QSR), the food, beverage and dairy industry, etc.
Glen Industries, an Book Built Issue amounting to ₹ 63.01 Crores, consisting entirely an an Fresh Issue of 64.96 Lakh Shares. The subscription period for the Glen Industries IPO opens on July 08, 2025, and closes on July 10, 2025. The allotment is expected to be finalized on or about Friday, July 11, 2025, and the shares will be listed on the BSE SME with a tentative listing date set on or about Tuesday, July 15, 2025.
The Share Price Band of Glen Industries IPO is set at ₹ 92 to ₹ 97 per equity share. The Market Capitalisation of the Glen Industries Limited at IPO price of ₹ 97 per equity share will be ₹ 233.39 Crores. The lot size of the IPO is 1,200 shares. Individual investors are required to invest a minimum of 2 lots (2,400 shares), amounting to ₹ 2,32,800.
GYR CAPITAL ADVISORS PRIVATE LIMITEDis the book running lead manager of the Glen Industries IPO, while KFIN TECHNOLOGIES LIMITEDis the registrar for the issue. Giriraj Stock Broking Private Limited is the Market Maker for Glen Industries IPO.
Glen Industries LimitedIPO GMP Today
The Grey Market Premium of Glen Industries Limited IPO is expected to be ₹ 33 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Glen Industries LimitedIPO Live Subscription Status Today: Real-Time Update As of 11:00 AM on 10 July, 2025, the Glen Industries Limited IPO live subscription status shows that the IPO subscribed 33.61 times on Final Day of subscription period. Check the Glen Industries IPO Live Subscription Status Today at BSE.
Glen Industries IPO Anchor Investors Report
Glen Industries has raised ₹ 17.46 Crores from Anchor Investors at a price of ₹ 97 per shares in consultation of the Book Running Lead Managers. The company allocated 18,00,000 equity shares to the Anchor Investors. Check Full List of Glen Industries Anchor Investor List.
Note:- Equity Shares allotted to Anchor Investors (if any) are allotted from Qualified Institutional Buyers (QIBs) reservation portion. Note:- The Number of shares offered shown IPO subscription section table is calculated at the lower end of the price band and Number of shares calculated in IPO details table section is calculated at upper end of the price band in case of Book Building Issue, so there can be difference. This is because we assume shares will be issued by the company at upper band as Anchor Investors also subscribe at upper band and shares will be issued at lower band only if in case of undersubscription of IPO.
Note:- Market Maker portion (if any) are not shown separately in subscription table and included in NIIs reservation portion.
Glen Industries LimitedDay Wise IPO GMP Trend
Date
IPO Price
Expected Listing Price
GMP
Last Updated
02 July 2025
₹ 97
₹ 130
₹ 33 (34.02%)
08:00 PM; 02 July 2025
Glen Industries Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online Glen Industries IPO allotment date is 11 July, 2025, Friday. Glen Industries IPO Allotment will be out on 11th July, 2025 and will be live on Registrar Website from the allotment date. Check Glen Industries IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Glen Industries Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Glen Industries LimitedIPO
Glen Industries to utilise the Net Proceeds towards the following objects: 1. ₹ 4,773.00 Lakhs is required for setting up a new manufacturing facility at Purba Bardhaman, PS – Jamalpur, Gram Panchayat: Jougram, Mouza – Jaugram, JL no 114, West Bengal 713166 2. General Corporate Purpose
64,96,800 Equity Shares (aggregating to ₹ 63.01 Cr)
Fresh Issue
64,96,800 Equity Shares (aggregating to ₹ 63.01 Cr)
Offer for Sale
NA
Issue Type
Book Built Issue
Listing At
BSE SME
Share holding pre issue
1,75,64,570
Share holding post issue
2,40,61,370
Glen Industries IPO Lot Size
Application
Lots
Shares
Amount
Retail (Min)
1
1,200
₹1,16,400
Retail (Max)
1
1,200
₹1,16,400
S-HNI (Min)
2
2,400
₹2,32,800
S-HNI (Max)
8
9,600
₹9,31,200
B-HNI (Min)
9
10,800
₹10,47,600
Glen Industries IPO Timeline (Tentative Schedule)
IPO Open Date
Tuesday, July 08, 2025
IPO Close Date
Thursday, July 10, 2025
Basis of Allotment
Friday, July 11, 2025
Initiation of Refunds
Friday, July 11, 2025
Credit of Shares to Demat
Monday, July 14, 2025
Listing Date
Tuesday, July 15, 2025
Cut-off time for UPI mandate confirmation
5 PM on July 10, 2025
Glen Industries IPO Reservation
Investor Category
Shares Offered
Reservation %
QIB Portion
12,04,800
Not More than 50% of the Issue
Non-Institutional Investor Portion
9,06,000
Not Less than 15% of the Issue
Retail Shares Offered
21,07,200
Not Less than 35% of the Issue
Anchor Investor Portion
18,00,000
Allotted from QIB Portion
Market Maker Portion
3,25,200
5.01% of the Net Issue
Employee Reservation
1,53,600
-
Glen Industries IPO Promoter Holding
Share Holding Pre Issue
100.00 %
Share Holding Post Issue
73.00 %
Glen Industries IPO Subscription Status
Investor Category
Shares Offered
Shares Bid For
No oF Times Subscribed
Qualified Institutional Buyers (QIB)
12,04,800
20,19,600
1.68
Non Institutional Investors(NIIS)
12,31,200
5,84,55,600
47.48
Retail Individual Investors (RIIs)
21,07,200
9,73,58,400
46.20
Employee Reservation
1,53,600
31,200
0.20
Total
46,96,800
15,78,64,800
33.61
About Glen Industries Limited
BUSINESS OVERVIEW
Glen Industries is engaged in the manufacturing of a diverse range of food packaging and service products, primarily including Thin Wall Food Containers, Polylactic Acid (PLA) Straws, and Paper Straws, catering largely to the HoReCa sector (Hotel, Restaurant, Café/Catering), Quick Service Restaurants (QSRs), and the food, beverage, and dairy industries.
Originally incorporated as “Glen Stationery Private Limited” for stationery and printing material production, the company diversified in 2019 into plastic food containers and straw manufacturing. Starting with a Thin Wall Food Container capacity of 195 MT/month, the company expanded production to 665 MT/month, currently operating at full capacity. The straws segment began with Paper Straws (21.75 MT/month) and PLA Straws (40.60 MT/month), and by 2022, included U-shape straws for the beverage and dairy sectors. Present capacities stand at 160 MT/month for PLA straws and 95 MT/month for paper straws.
A major growth milestone is the development of an advanced 90,000 sq. ft. manufacturing facility in Dhulagarh, Howrah, West Bengal, enhancing production capabilities and market competitiveness. This facility is equipped with micro-processor controlled All Electric injection moulding machines imported from Japan and China, supported by a skilled workforce ensuring adherence to strict quality standards across all operational stages.
Product offerings are divided into two main categories: Thin Wall Food Containers and Straws (PLA and Paper), with customization options including digital printing, shrink sleeving, dry offset, pad, and screen printing. Operations are streamlined under one roof, enabling cohesive production and delivery.
Manufacturing complies with FSSC 22000, HACCP, ISO 14001:2015, FSC, and SEDEX 4 Pillar standards, ensuring international hygiene, safety, and environmental benchmarks. High-grade raw materials and a rigorous quality testing process uphold product reliability and performance.
Products are exported to Europe, USA, Australia, the Middle East, and Africa, customized to regional requirements. A consistent client base of 25+ recurring international customers reflects the company’s strong commitment to quality, consistency, and customer satisfaction. As of May 31, 2025, the company had 306 permanent employees. The Bankers to the company are HDFC Bank Limited, Axis Bank Limited, ICICI Bank Limited and YES Bank Limited.
INDUSTRY ANALYSIS
India Plastic Packaging Market Overview
Plastic continues to be one of the most widely used materials in the Indian packaging industry due to its lightweight, low-cost nature, and versatility. Its ability to offer superior impact strength, rigidity, and barrier properties has made it indispensable across numerous sectors.
Plastic packaging has become a central force in modern Indian packaging trends. With its adaptability, it is now the backbone of packaging solutions for various industries. Among the different types of plastic, polyethylene—particularly Low-Density Polyethylene (LDPE)—is widely used for making plastic bags and films. LDPE bags are flexible, transparent, and have strong impact resistance, though they offer limited temperature resistance and environmental stress cracking.
Emerging Trends in Plastic Packaging
Flexible Pouch Packaging: Consumers are increasingly opting for stand-up pouches due to their convenience and portability. Used widely for snacks, beverages, baby food, and industrial products, the popularity of these pouches has surged in the past decade, bolstered by innovations in sustainable packaging.
Beverage Sector Innovation: There is rapid evolution in beverage packaging, driven by a shift towards recyclable materials, new filling technologies, and structural redesigns. For example, the development of heat-resistant PET bottles has enhanced drink preservation capabilities.
However, the sector faces growing scrutiny over its environmental impact. With increasing public and governmental concerns regarding plastic waste, regulatory frameworks are evolving to encourage sustainable alternatives and effective waste management systems.
The Indian plastic packaging market was valued at USD 21.77 billion in 2024 and is projected to grow to USD 25.35 billion by 2029, registering a CAGR of 3.09% during the forecast period.
Key Market Segments and Trends
1. Food Industry: A Major Growth Driver
The food sector remains one of the largest consumers of plastic packaging due to the rising demand for ready-to-eat meals, convenience-focused designs, and eco-friendly solutions. Packaging formats such as sealed trays, pouches, and containers have become standard for meal packaging.
Flexible packaging solutions are crucial in industries like meat, poultry, and seafood, offering adaptability in sizes and formats—from whole cuts to processed products like sausages and fillets.
Dairy products such as milk, yogurt, and cheese are seeing growing demand, supported by their high nutritional value. This fuels the need for hygienic, protective plastic packaging to extend shelf life.
Plastic trays and containers are widely used across cafeterias, restaurants, and bakeries for both takeaway and display purposes. These disposable solutions enhance convenience and presentation.
Government initiatives like the "Make in India" campaign, creation of mega food parks and cold chain projects, and the introduction of a ₹10,000 crore (USD 1.35 billion) incentive program for the food processing sector have further strengthened demand for plastic packaging in this segment.
In parallel, the rise of e-commerce in India—projected to grow from USD 87 million in 2022 to USD 173 million by 2027—is also boosting the need for reliable and durable food packaging.
2. Plastic Bottles: A Growing Segment
Plastic bottles are used extensively in industries such as food, beverages, personal care, industrial chemicals, and healthcare. The beverage segment, in particular, is a major contributor to this growth.
Bottled water and non-alcoholic beverages are seeing increasing demand, especially due to their affordability, extended shelf life, and ease of use.
Sustainability efforts are also gaining momentum. For instance, PepsiCo India introduced 100% recycled PET bottles for its Pepsi Black product—marking a first in India’s carbonated beverage market.
Indian Railways' “Rail Neer” brand is another example of market expansion. Bottle production rose dramatically from 75.20 million units in 2021 to 357.70 million in 2023, reflecting a rising trend in packaged water consumption.
Plastic bottles offer benefits such as transparency, durability, and the ability to withstand internal pressure—making them suitable for carbonated drinks. Despite challenges in collection and recycling, technological advancements are enabling higher recycling efficiency and material innovation.
Outlook and Challenges
While the Indian plastic packaging market is on a steady growth path, it faces environmental and regulatory headwinds. Government policies aimed at reducing plastic waste are likely to impact manufacturing practices and increase the adoption of recyclable and biodegradable materials.
Nevertheless, sectors like food processing, beverages, and e-commerce will continue to drive demand. Innovations in packaging technology and a stronger regulatory focus on sustainability will reshape the market landscape in the coming years.
BUSINESS STRENGTHS
1. Experienced Promoters and Management Team
The company is led by promoters Lalit Agrawal, Lata Agrawal, Nikhil Agrawal, and Niyati Seksaria, all with extensive experience in the plastics sector. Chairman and Promoter Lalit Agrawal holds an engineering degree from BITS Pilani and a Master’s in Industrial Management from IIT Kharagpur. A strong and diverse Board of Directors, supported by a skilled management team, enables strategic decision-making, market adaptability, and consistent business performance.
2. Established Customer Relationships and Supply Chain
Strong relationships with domestic and international clients have been built through a diverse product portfolio and high-quality standards. A robust supply chain—from sourcing to delivery—ensures timely, efficient, and reliable fulfillment of customer demands. Long-term customer retention and increased export volumes highlight the effectiveness of supply chain operations and customer trust.
3. Advanced Manufacturing with Cost Competitiveness
State-of-the-art manufacturing facilities, equipped with modern machinery, ensure adherence to stringent hygiene and safety norms. Focus on waste reduction, process optimization, and resource efficiency supports cost competitiveness. Strategic investments in technology and economies of scale enable delivery of high-value products at affordable price points across market segments.
4. Rigorous Quality Assurance Standards
Products are manufactured in compliance with international certifications such as FSSC 22000, ISO 9001:2015, HACCP, ISO 14001:2015, FSC, and SEDEX 4 Pillar. Use of high-grade raw materials and comprehensive quality checks ensure safety, consistency, and reliability, reinforcing customer satisfaction and product excellence.
5. Customization Capabilities
Extensive customization options in design, size, and branding allow for tailored packaging solutions across food service and retail sectors. These capabilities support brand differentiation, niche demands like eco-friendly packaging, and seamless alignment with client-specific operational and marketing needs, enhancing market competitiveness and customer engagement.
BUSINESS STRATEGIES
1. Sustainability Initiatives
Incorporating recyclable and biodegradable materials, including plant-based polymers and post-consumer recycled plastics, along with compliance to Extended Producer Responsibility (EPR) targets, significantly reduces environmental impact. Deployment of full-electric injection machines, waste minimization, and optimized logistics support eco-friendly operations. These sustainability efforts strengthen brand positioning, appeal to eco-conscious consumers, and align with global environmental regulations.
2. Expansion of Technological Capabilities and Manufacturing Capacity
A planned investment of ₹4,773.00 lakhs is allocated for setting up a new manufacturing facility and expanding production lines. Focus areas include automation, operational efficiency, and cost optimization to remain competitive. Technological upgrades and capacity expansion will drive scale advantages, enhance profitability, and support long-term growth across product lines.
3. Product Range Diversification
Ongoing diversification aims to broaden the product portfolio across multiple end-use industries and geographies. While strengthening existing offerings, the strategy includes venturing into new product categories with high growth potential. This approach enhances market reach and reinforces the company's position as an agile and innovation-driven organization.
4. Leveraging Industry Knowledge for Customer Expansion
Industry expertise is utilized to identify trends and expand product offerings that increase wallet share from existing customers and attract new clients. Market research and customer feedback in emerging sectors—such as preserved and pickled food packaging—guide new product development tailored to specific customer needs.
5. Optimal Resource Utilization
Continuous process improvement and customized system development ensure efficient resource use and effective operational control. Regular policy analysis helps identify bottlenecks and enhance productivity. A focus on building an inclusive and engaged workforce further supports high service standards and operational excellence.
BUSINESS RISK FACTORS & CONCERNS
1. Volatility in Raw Material Prices
The business is exposed to fluctuations in the prices of key raw materials used in manufacturing plastic rigid sheets and thermoformed products. These materials, being global commodities, are subject to cyclical price changes influenced by global supply-demand dynamics. Raw material costs accounted for 57.04% (FY25), 58.70% (FY24), and 62.21% (FY23) of revenue from operations. Inability to offset rising costs through price increases or cost-saving measures may adversely impact profitability. Additionally, advance procurement based on projected demand can result in pricing mismatches if raw material prices decline later.
2. Export Market Dependency and International Trade Risk
A substantial portion of revenue is derived from exports to multiple countries including Australia, UK, USA, UAE, Netherlands, Spain, and others. The company remains exposed to risks related to international trade regulations, currency fluctuations, and geopolitical instability, which may impact demand or disrupt supply chains in export markets.
3. Risks Related to Manufacturing Operations
Operations are centralized at a manufacturing facility in Howrah, West Bengal, and are susceptible to disruptions such as equipment failure, industrial accidents, natural disasters, IT system breakdowns, or labour-related issues including strikes and wage disputes. Any unplanned shutdown or delay in repairing critical machinery can interrupt operations, resulting in financial and operational setbacks. Planned maintenance, audits, or expansion activities may also temporarily halt production.
Glen Industries faces key risks from raw material price volatility, heavy reliance on exports, and manufacturing operation disruptions. These factors could significantly affect profitability, operational continuity, and market stability if not managed effectively.
Glen Industries Limited Financial Information (Restated Consolidated)
Amount in (₹ in Lakh)
Period Ended
Mar 31, 2025
Mar 31, 2024
Mar 31, 2023
Reserve of Surplus
4,079.58
3,915.67
3,067.31
Total Assets
21,436.25
16,030.76
13,706.52
Total Borrowings
13,282.74
8,882.75
8,165.32
Fixed Assets
10,761.29
8,040.80
7,311.19
Cash
206.54
82.16
396.07
Net Borrowing
13,076.20
8,800.59
7,769.25
Revenue
17,128.44
14,552.41
11,959.13
EBITDA
4,096.74
2,529.80
1,426.22
PAT
1,826.57
857.89
148.55
EPS
10.4
4.88
0.85
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP. Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP. Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP. Note 4:- Price to Book Value calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Key Performance Indicator
KPI
Values
EPS Pre IPO (Rs.)
₹ 10.4
EPS Post IPO (Rs.)
₹ 7.59
P/E Pre IPO
9.32
P/E Post IPO
12.78
ROE
37.10 %
ROCE
16.94 %
P/BV
2.92
Debt/Equity
2.28
RoNW
45.43 %
Glen Industries Limited IPO Peer Comparison
Company Name
EPS
ROCE
ROE
P/E (x)
P/Bv
Debt/Equity
RoNW (%)
Glen Industries Limited
₹ 7.59
16.94 %
37.10 %
12.78
2.92
2.28
45.43 %
Rajshree Polypack Limited
₹ 1.09
8.71 %
5.06 %
24.5
1.21
0.72
5.06 %
Glen Industries Limited Contact Details
GLEN INDUSTRIES LIMITED
Rajveena, 2nd Floor, 50A, Block-C, New Alipore, Kolkata, West Bengal, India, 700053 Contact Person : Ms. Shikha Sureka Telephone : +91 9874775191 Email : info@glen-india.com Website : https://glen-india.com/
Glen Industries IPO Registrar and Lead Manager(s)
Registrar : KFIN TECHNOLOGIES LIMITED Contact Person : Mr. M Murali Krishna Telephone : +91 40 6716 2222 Email : gil.ipo@kfintech.com Website : https://www.kfintech.com/
Lead Manager : GYR CAPITAL ADVISORS PRIVATE LIMITED Contact Person : Mr. Mohit Baid Telephone : +91 87775 64648 Email : info@gyrcapitaladvisors.com Website : https://gyrcapitaladvisors.com/
Glen Industries IPO Review
Glen Industries is engaged in the manufacturing of diverse range of Food packaging and Service Products primarily Thin Wall Food Containers, Polylactic Acid (PLA) Straws and Paper Straws all mainly supplied to the Hotel, Restaurant, and Café/Catering (HoReCa) sector, Beverage industry and food packaging industry. Their extensive product lineup, available in various shapes and sizes, is widely favored by sectors such as the HoReCa industry, Quick Service Restaurants (QSR), the food, beverage and dairy industry, etc.
The growth of the company is largely attributable to the leadership of Mr. Lalit Agrawal, a seasoned professional with over four decades of industry experience, MRS. LATA AGRAWAL, MR. NIKHIL AGRAWAL and MRS. NIYATI SEKSARIA.
The Revenues from operations for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 17,128.44 Lakh, ₹ 14,552.41 Lakh and ₹ 11,959.13 Lakh. The EBITDA for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 4,096.74 Lakh, ₹ 2,529.80 Lakh and ₹ 1,426.22 Lakh. The Profit after Tax for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 1,826.57 Lakh, ₹ 857.89 Lakh and ₹ 148.55 Lakh respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹10.4and post-issue EPS of ₹ 7.59 for FY24.The pre-issue P/E ratio is 9.32x, while the post-issue P/E ratio is 12.78x against the Industry P/E ratio is 16x. The company's ROCE for FY24 is 16.94%, ROE for FY24 is 37.10% and RoNW is 45.43%. These metrics suggest that the IPO is fairly priced.
The Grey Market Premium (GMP) of Glen Industries showing listing gains of 34.02 %.Given the company's financial performance and the valuation of the IPO, we recommend Risky Investors to Apply to the Glen Industries Limited IPO for Listing gain.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.