GLEN Industries IPO Closes with Massive Oversubscription: Offer Size, Price Band, and Final Subscription Stats

GLEN Industries Ltd.’s initial public offering (IPO) closed on July 10 with overwhelming investor interest across all categories. The company is set to list its shares on the BSE SME platform on July 15, 2025.

IPO Structure and Timeline

The ₹63.02 crore IPO was a book-building issue, consisting entirely of a fresh issue of 64.97 lakh equity shares, with no offer-for-sale (OFS) component.

• IPO Subscription Period: July 8 to July 10, 2025
• UPI Mandate Deadline: July 10, 2025 (5:00 PM)
• Allotment Finalisation: July 11, 2025
• Refund Initiation: July 14, 2025
• Shares Credited to Demat Accounts: July 14, 2025
• Listing Date: July 15, 2025
• Mandate End Date: July 25, 2025
• Lock-in End Date for Anchor Investors (50%): August 10, 2025
• Lock-in End Date for Anchor Investors (Remaining): October 9, 2025

Final Subscription Status (As of July 10, 5:01 PM)

The IPO received an exceptional overall subscription of 242.32 times, with 2,43,540 applications for 1,13,81,12,400 shares against 46,96,800 shares on offer.

Category-Wise Breakup:

• Qualified Institutional Buyers (QIBs):
  • Shares Reserved: 12,04,800
  • Applications: 136
  • Shares Bid: 23,18,71,200
  • Subscribed: 192.46 times
  • FIIs: 6.44 crore shares from 41 applications
  • Domestic Financial Institutions: 2.29 crore shares from 6 applications
  • Others: 14.44 crore shares from 89 applications
• Non-Institutional Investors (NIIs):
  • Shares Reserved: 12,31,200
  • Applications: 45,735
  • Shares Bid: 43,18,09,200
  • Subscribed: 350.72 times
  • High-value Bids (above ₹10 lakh): 35.61 crore shares (588.85 times)
  • Bids up to ₹10 lakh: 7.56 crore shares (251.24 times)
• Retail Individual Investors (RIIs):
  • Shares Reserved: 21,07,200
  • Applications: 1,97,657
  • Shares Bid: 47,43,76,800
  • Subscribed: 225.12 times
• Employee Category:
  • Shares Reserved: 1,53,600
  • Applications: 12
  • Shares Bid: 55,200
  • Subscribed: 0.36 times

Note: Figures include UPI and Non-UPI bids with valid PAN and DP/client ID. Final UPI bids were accepted until 7:00 PM on July 10.

Use of Funds

Proceeds from the IPO will be used to establish a new manufacturing facility in Purba Bardhaman, West Bengal, while the rest will be allocated toward general corporate purposes.

Company Profile and Financials

Established in 2007, GLEN Industries Ltd. produces eco-friendly packaging products such as thin-wall food containers and compostable straws, catering to the hospitality, food, and beverage sectors. The company operates a 90,000 sq ft plant in Howrah, West Bengal, and exports its products to Europe, the US, Australia, the Middle East, and Africa.

In FY25, the company reported revenue of ₹171.28 crore (up 18% YoY) and a net profit of ₹18.27 crore (more than double from ₹8.58 crore in FY24)

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