Glen Industries Limited, an established manufacturer in the food packaging and service products space, has launched its ₹63.01 crore Book Built Issue on the BSE SME platform.

This IPO features a 100% Fresh Issue of 64.96 lakh shares with a price band of ₹92–₹97 per equity share. The listing is scheduled tentatively on 15 July 2025 after the allotment finalisation on 11 July 2025.

GYR Capital Advisors Private Limited acts as the Book Running Lead Manager, KFin Technologies Limited as the Registrar, and Giriraj Stock Broking Private Limited as the Market Maker for the issue.

Issue Size, Pricing, and Lot Details

• Total Issue Size: ₹63.01 Crores.

• Price Band: ₹92 to ₹97 per share.

• Market Capitalisation at Upper Band: ₹233.39 Crores.

• Lot Size: 1,200 shares.

• Minimum Retail Investment: 2 lots (2,400 shares) worth ₹2,32,800.

These parameters reflect typical SME market practices with large minimum investments designed to attract serious, well-informed investors.

Grey Market Premium (GMP): A Healthy Signal of 23

As of 02 July 2025, the Grey Market Premium (GMP) for Glen Industries IPO was ₹23 per share.

This indicates a 23.71% expected listing gain over the upper price band, suggesting solid grey market enthusiasm.

Key Points on GMP:

• Informal, unregulated indicator of investor sentiment.

• Reflects perceived demand before listing.

• Can change rapidly based on subscription data.

• Should be used as a guide only, not a guaranteed outcome.

Strong Subscription Demand: 33.61x on Final Day

On 10 July 2025, 11:00 AM, the IPO was subscribed 33.61 times overall.

Such high oversubscription levels underscore robust investor interest, helped by:

• Competitive pricing.

• Clear sector demand.

• Anchor investor participation.

Anchor Investor Report:

• Raised ₹17.46 Crores.

• Allocated 18 lakh shares at ₹97 per share.

• Anchor shares allocated from QIB reservation.

Glen Industries Business Model: HoReCa-Focused Packaging Leader

Glen Industries manufactures a diverse portfolio of food packaging and service products.

Product Highlights:

• Thin Wall Food Containers.

• Polylactic Acid (PLA) Straws.

• Paper Straws.

These products serve critical segments:

• Hotel, Restaurant, Café/Catering (HoReCa).

• Quick Service Restaurants (QSR).

• Beverage industry.

• Dairy and food packaging industry.

Their extensive lineup is available in various shapes and sizes to meet diverse industry needs.

Promoter Background and Management Strength

The company's growth trajectory is led by:

• Mr. Lalit Agrawal (over 40 years of industry experience).

• Mrs. Lata Agrawal.

• Mr. Nikhil Agrawal.

• Mrs. Niyati Seksaria.

Their decades-long experience in manufacturing and packaging underpins strategic decision-making and market responsiveness.

Financial Performance: Impressive, Consistent Growth

Revenue from Operations:

• FY23: ₹119.59 crore.

• FY24: ₹145.52 crore.

• FY25: ₹171.28 crore.

EBITDA:

• FY23: ₹14.26 crore.

• FY24: ₹25.30 crore.

• FY25: ₹40.96 crore.

Profit After Tax (PAT):

• FY23: ₹1.48 crore.

• FY24: ₹8.58 crore.

• FY25: ₹18.26 crore.

This sharp rise in EBITDA and PAT highlights operational efficiency and growing demand.

Valuation and Profitability Metrics

• Pre-issue EPS (FY24): ₹10.4

• Post-issue EPS (FY24): ₹7.59

• Pre-issue P/E Ratio: 9.32x

• Post-issue P/E Ratio: 12.78x

• Industry P/E Ratio: 16x

Profitability Ratios for FY24:

• ROCE: 16.94%

• ROE: 37.10%

• RoNW: 45.43%

These metrics indicate the IPO is fairly priced, with potential valuation upside compared to the broader industry.

Objectives of the Issue: Strategic Capacity Expansion

Net Proceeds Utilisation:

1. ₹47.73 crore for setting up a new manufacturing facility in Purba Bardhaman, West Bengal.

2. General corporate purposes.

The new plant will expand production capacity, improve distribution scale, and serve growing demand in HoReCa and QSR packaging.

IPO Listing and Allotment Schedule

• Issue Closes: 10 July 2025.

• Allotment Date: 11 July 2025.

• Listing Date: 15 July 2025 on BSE SME.

Allotment Status Checking:

• Visit KFin Technologies IPO Status page.

• Choose Glen Industries IPO.

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

• View allotment status instantly.

Strengths, Opportunities, and Risks

Strengths:

• Growing food packaging demand in India.

• Focused HoReCa/QSR market.

• Rising eco-friendly packaging needs (PLA, paper straws).

• Anchor investor confidence.

• Strong subscription demand.

Opportunities:

• Regulatory support for sustainable packaging.

• Capacity expansion via new plant.

• Exports to global HoReCa/QSR markets.

Risks:

• High minimum retail investment limits participation.

• Competition from large FMCG packaging players.

• Market volatility post-listing.

• Dependence on consistent demand from HoReCa sector.

GMP and Investor Outlook

Grey Market Premium (GMP) of ₹23 suggests listing gains of ~23% over the upper band.

This positive GMP trend, coupled with 33x subscription demand, points to strong investor interest.

However, investors should consider:

• Market conditions at listing.

• Liquidity on the SME platform.

• Long-term business fundamentals.

Recommendation

For Listing Gains:

• The healthy GMP and strong oversubscription support a Buy recommendation for investors seeking short-term listing gains.

For Long-term Investors:

• Attractive sector.

• Proven management.

• Consistent financial growth.

• Capacity expansion strategy.

Final Verdict:
Risk-tolerant investors can Apply for listing gains. Long-term holders should assess operational execution post-expansion for sustained value creation.

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 Monika Alcobev, NSDL, Anthem Biosciences, Spunweb Nonwoven.

The Current active IPO are Smartworks Coworking, Asston Pharmaceuticals, CFF Fluid Control, Glen Industries.

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