Glen Industries IPO Opens July 8 with ₹63 Crore Fresh Issue in ₹92–97 Price Band for BSE SME Listing

Glen Industries Limited, a manufacturer of food packaging and service products such as Thin Wall Food Containers, PLA Straws, and Paper Straws, is launching its Initial Public Offering (IPO) worth ₹63.01 crore. This is a book-built issue consisting entirely of a fresh issue of 64.96 lakh shares.

The IPO opens for subscription on July 8, 2025, and closes on July 10, 2025. The company aims to raise capital to fund a new manufacturing facility in West Bengal and for general corporate purposes.

IPO Timeline and Key Dates

Investors should keep these critical dates in mind:

• Opening Date: July 8, 2025

• Closing Date: July 10, 2025

• Allotment Finalisation: Expected on Friday, July 11, 2025

• Listing Date: Tentatively Tuesday, July 15, 2025 on BSE SME

This timeline gives investors clarity on application, allotment, and listing schedules.

Price Band, Market Capitalisation, and Lot Size

The price band for Glen Industries IPO is set at ₹92–97 per equity share. At the upper price band of ₹97 per share, the market capitalisation is projected at ₹233.39 crore.

Lot Size Details:

• 1 lot = 1,200 shares.

• Minimum Retail Application: 2 lots (2,400 shares).

• Minimum Investment: ₹2,32,800.

This higher minimum application requirement is typical for SME IPOs, aiming at serious investors.

Lead Manager, Registrar, and Market Maker

• Book Running Lead Manager: GYR Capital Advisors Private Limited

• Registrar: KFIN Technologies Limited

• Market Maker: Giriraj Stock Broking Private Limited

Their roles ensure smooth execution, transparent allotment, and liquidity support post-listing.

Business Overview: Glen Industries’ Product Range and Markets

Glen Industries is engaged in the manufacturing of a diverse range of food packaging and service products. The company’s products include:

• Thin Wall Food Containers

• Polylactic Acid (PLA) Straws

• Paper Straws

These are mainly supplied to sectors such as:

• HoReCa (Hotel, Restaurant, Café/Catering)

• Quick Service Restaurants (QSRs)

• Beverage industry

• Food packaging and dairy industries

Their product lineup, available in multiple shapes and sizes, caters to modern environment-friendly packaging trends, especially with PLA and Paper straws gaining traction as alternatives to plastics.

Leadership and Promoter Background

The company's strong growth is credited to its experienced leadership team:

• Mr. Lalit Agrawal – A seasoned professional with over four decades of industry experience.

• Mrs. Lata Agrawal

• Mr. Nikhil Agrawal

• Mrs. Niyati Seksaria

Their combined experience ensures operational efficiency, strategic planning, and industry relationships that have driven the company’s steady growth.

Financial Performance: Consistent Growth

Glen Industries has delivered steady growth in the last three fiscal years:

Revenue from Operations:

• FY23: ₹11,959.13 lakh

• FY24: ₹14,552.41 lakh

• FY25: ₹17,128.44 lakh

EBITDA:

• FY23: ₹1,426.22 lakh

• FY24: ₹2,529.80 lakh

• FY25: ₹4,096.74 lakh

Profit After Tax (PAT):

• FY23: ₹148.55 lakh

• FY24: ₹857.89 lakh

• FY25: ₹1,826.57 lakh

These figures indicate solid top-line and bottom-line growth, showcasing operational leverage and expanding market share.

Objectives of the IPO

Net proceeds from the IPO will be utilised for:

1. ₹4,773.00 lakh for setting up a new manufacturing facility at Purba Bardhaman, West Bengal.

2. General corporate purposes.

The planned manufacturing facility will help the company expand capacity and meet growing demand from the HoReCa and food packaging sectors.

Valuation and Key Metrics

The IPO pricing suggests a reasonable valuation relative to industry peers:

• Pre-Issue EPS: ₹10.40

• Post-Issue EPS: ₹7.59 for FY24

• Pre-Issue P/E Ratio: 9.32x

• Post-Issue P/E Ratio: 12.78x

• Industry P/E Ratio: 16x

Profitability Ratios:

• ROCE: 16.94%

• ROE: 37.10%

• RoNW: 45.43%

These metrics suggest the IPO is fairly priced for investors seeking exposure to food packaging and eco-friendly product segments.

Grey Market Premium (GMP) and Market Sentiment

As of 02 July 2025, Glen Industries IPO showed a Grey Market Premium (GMP) of ₹23, translating to an expected listing gain of ~23.71%.

While GMP is an informal and unregulated indicator, it suggests strong investor interest and healthy listing prospects.

However, investors should understand that GMP fluctuates based on demand, supply, and overall market conditions.

Live Subscription Status

As of 11:30 AM on July 8, 2025 (first day of subscription):

• IPO was 0.30 times subscribed.

Early subscription trends often pick up sharply on the final day, especially in SME IPOs, driven by HNIs and institutional investors.

Anchor Investor Participation

Anchor Investors have committed ₹17.46 crore at ₹97 per share, with 18,00,000 equity shares allocated.

This early institutional backing signals confidence in the company’s business model and growth plans.

How to Check Allotment Status

Investors can check allotment status starting July 11, 2025:

1. Visit the registrar’s website (KFIN Technologies Limited).

2. Select Glen Industries Limited IPO.

3. Enter Application Number, PAN, or DP Client ID.

4. Submit to view the allotment result.

This ensures transparent and easy access to allocation details.

Investment Risks and Considerations

Strengths:

• Strong presence in eco-friendly packaging with PLA and Paper Straws.

• Steady financial growth with rising revenues and profits.

• Experienced leadership team.

• Clear utilisation plan for capacity expansion.

Risks:

• Reliance on HoReCa/QSR demand, which can be cyclical.

• Competition from larger packaging players.

• SME IPOs generally have lower liquidity post-listing.

Conclusion: Recommendation for Investors

Given the company's strong financial growth, reasonable valuation, and healthy GMP indicating listing gains, analysts recommend “Risky Investors to Apply” for listing gains.

However, investors should be mindful of sector-specific risks and market volatility. Long-term investors may assess post-listing trends before making further commitments.

Disclaimer:

This article is intended for informational and educational purposes only and does not constitute investment advice. Readers are advised to consult their financial advisor before making any investment decisions. Investments in securities are subject to market risks. Please read all related documents carefully before applying for the IPO. The data provided is based on publicly available information and may be subject to change.

The Upcoming IPOs in this week and coming weeks are NSDL, Spunweb Nonwoven, Smartworks Coworking, Asston Pharmaceuticals, CFF Fluid Control,  Anthem Biosciences.

The Current active IPO are Glen Industries, Smarten Power Systems, Travel Food Services, Chemkart India, Meta Infotech.

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