Retail investors drive demand for GLEN Industries IPO; GMP rises to 31%

GLEN Industries IPO: Check latest subscription status, grey market premium (GMP), price band, lot size, allotment date, listing date, and other key details here

GLEN Industries IPO subscription status: Retail and non-institutional investors (NIIs) are driving the demand for the initial public offering (IPO) of food packaging and service products maker GLEN Industries. The public offering, however, has seen sluggish interest among qualified institutional buyers (QIBs).

 

GLEN Industries IPO, which opened for subscription on July 8, has been oversubscribed by 7.75 times as of around 2:30 PM on July 9, according to BSE data. This strong response is largely driven by retail investors, who oversubscribed their allotted portion by 12.42 times. NIIs have oversubscribed their category by 6.68 times, while QIBs have booked 1.62 per cent of the quota reserved for them.

 

GLEN Industries IPO grey market premium (GMP) today

The favourable sentiment for the public issue was seen in the grey markets too. Sources tracking unofficial market activities revealed that the unlisted shares of GLEN Industries were exchanging hands at around ₹127 apiece, reflecting a grey market premium (GMP) of ₹30 or 30.93 per cent over the upper end of the issue price of ₹97.

 

GLEN Industries IPO details

GLEN Industries IPO comprises entirely a fresh issue of 6.5 million equity shares valued at ₹63.02 crore. The public issue is available at a price band of ₹92-97 per share, and a lot size of 1,200 shares.

 

Investors can bid for a minimum of 2 lots or 2,400 shares of GLEN Industries IPO with an investment amount of ₹2,32,800.

 

GLEN Industries proposes to utilise the proceeds from the public offering for setting up a new manufacturing facility at Purba Bardhaman, West Bengal. The company will also use the proceeds for general corporate purposes.

 

For the public issue, the company has appointed Kfin Technologies as registrar, while GYR Capital Advisors serves as the book-running lead manager.  ALSO READ: Spunweb Nonwoven IPO to open on July 14; check GMP. price band, lot size

GLEN Industries IPO allotment date, listing date

The public offering will close for subscription on July 10. Following that, the basis of allotment of GLEN Industries IPO shares is expected to be finalised on July 11. The company’s shares will be credited into demat accounts tentatively on July 14.

 

Shares of GLEN Industries are slated to list on the BSE SME tentatively on July 15.

About GLEN Industries

GLEN Industries is engaged in the manufacturing of a 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. The company's product lineup is organized into two primary segments: a diverse range of Thin Wall Food Containers and a comprehensive selection of straws, including both PLA and Paper Straws.