GLEN Industries IPO Receives 12.25 Times Subscription Applications by Day 2

Mumbai, 9 July 2025: GLEN Industries Limited’s Initial Public Offering (IPO) witnessed robust investor participation, recording an impressive overall subscription of 12.25 times by the end of Day 2. The IPO, which opened for bidding on 8 July 2025 and will close on 10 July 2025, has drawn strong demand across all investor categories, with retail and non-institutional buyers leading the momentum.

Retail Investors Show Strongest Interest with 18.37x Subscription

Retail participation has stood out as the strongest segment of the IPO, with individual investors subscribing to their allocated shares 18.37 times. This enthusiasm highlights growing retail confidence in GLEN Industries’ business potential and market positioning.

Other notable figures include:

• Non-Institutional Investors (HNIs and corporates) subscribed 14.21 times.
• Qualified Institutional Buyers (QIBs) posted a 1.62 times subscription rate.
• The employees’ portion saw a more cautious approach, with only 0.20 times subscribed.
• Anchor investors and market makers fully subscribed to their allotted shares.
• The IPO attracted 18,077 total applications by the end of Day 2.
• The total subscription value reached ₹519.61 crore.

Subscription Momentum Builds Significantly on Second Day

GLEN Industries’ IPO saw a sharp rise in investor interest from Day 1 to Day 2. On the opening day, overall subscription stood at 1.54 times, with strong early traction from individual and non-institutional categories. By Day 2, QIB participation gained momentum, pushing the total subscriptions up eightfold.

Issue Size and Pricing Structure Offer Investor Value

The IPO is a complete fresh issue of 64.97 lakh equity shares, aggregating to ₹63.02 crore. Shares are being offered within a price band of ₹92 to ₹97 per share. The minimum application size is 1,200 shares, with a retail investment of ₹2,20,800 for two lots. High-net-worth investors are required to invest in a minimum of three lots (3,600 shares), amounting to ₹3,49,200.

The issue also includes a reservation of 1,53,600 shares for employees at a ₹5 discount per share. Post-issue, the company’s shareholding will increase from 1.75 crore to over 2.40 crore shares. The allotment is expected to be finalised on 11 July 2025, and shares are likely to be listed on the BSE SME platform by 15 July 2025.

• Market Maker: Giriraj Stock Broking Private Limited
• Book Running Lead Manager: GYR Capital Advisors Private Limited
• Registrar: Kfin Technologies Limited

Manufacturing Eco-Friendly Packaging Products for a Global Market

Established in 2007, GLEN Industries Limited is a manufacturer of sustainable food packaging and service products. The company focuses on providing environmentally friendly solutions for the HoReCa segment (Hotels, Restaurants, Cafés), the food packaging industry, and the beverage sector.

GLEN’s core product offerings include:

• Thin-Wall Food Containers: Launched in 2011 with an initial monthly capacity of 80 metric tonnes, the segment has expanded to 665 metric tonnes per month by 2022, addressing growing demand for efficient, durable, and lightweight packaging.
• Compostable Straws: The company entered the segment in 2019, manufacturing both paper and PLA-based straws with monthly capacities of 95 MT and 160 MT, respectively. In 2022, it also introduced U-shaped straws, tailored for beverage and dairy applications.

Expansion Plans and Global Reach Position GLEN for Long-Term Growth

To meet growing demand, GLEN Industries has developed a state-of-the-art 90,000 sq. ft. facility in Dhulagarh. This manufacturing unit is equipped with advanced machinery and skilled personnel, enabling the company to scale production and ensure consistent quality.

GLEN exports its products to over five continents, including markets in Europe, the USA, Australia, the Middle East, and Africa. Its customer-centric approach and focus on innovation have helped the company build a loyal base of more than 25 global clients.

With its IPO off to a promising start, GLEN Industries is set to strengthen its position in the global eco-friendly packaging segment and capitalise on the rising demand for sustainable solutions.

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