GLEN Industries Limited IPO: A Green Investment Opportunity

GLEN Industries Limited, a Kolkata-based company specializing in eco-friendly food packaging and service products, has launched its Initial Public Offering (IPO) on July 8, 2025. The IPO aims to raise ₹63.02 crores through a fresh issue of 64.96 lakh equity shares, marking a significant milestone for the company as it seeks to expand its operations and enhance its market presence.

GLEN Industries IPO Details

GLEN Industries is listed on the BSE SME platform, with the IPO set to open on July 8, 2025, and close on July 10, 2025. The shares are expected to be listed on the BSE SME on July 15, 2025, at 10:00 AM. Here are the key details:

• Issue Type: Book-built issue
• Total Issue Size: ₹63.02 crores (64,96,800 equity shares)
• Fresh Issue: ₹63.02 crores (64,96,800 equity shares)
• Face Value: ₹10 per equity share
• Price Band: ₹92 to ₹97 per share
• Lot Size: 1,200 shares
• Minimum Investment (Retail): ₹1,10,400 (1 lot at ₹92)
• Minimum Investment at Cut-off (Retail): ₹1,16,400 (1 lot at ₹97)
• Market Maker Portion: 3,25,200 shares (₹3.15 Cr)
• Employee Reservation: 1,53,600 shares (offered at a ₹5 discount)

IPO Reservation Breakdown

• Qualified Institutional Buyers (QIB): 47.38%
• Non-Institutional Investors (NII/HNI): 14.29%
• Retail Investors: 32.43%
• Anchor Investors: 28.41%

Investors can apply through ASBA (via bank net banking), UPI (via registered brokers), or offline forms through stockbrokers. The IPO is managed by GYR Capital Advisors Private Limited as the book-running lead manager, with Kfin Technologies Limited as the registrar.

GLEN Industries IPO Key Timeline

About GLEN Industries Limited

Founded in 2007 as "Glen Stationery Private Limited," GLEN Industries Limited has transitioned into a manufacturer of eco-friendly food packaging and service products. The company specializes in:

• Thin-wall food containers
• Polylactic acid (PLA) straws
• Paper straws

Primarily serving the Hotel, Restaurant, and Cafe/Catering (HoReCa) sector, Quick Service Restaurants (QSR), and the food, beverage, and dairy industries, GLEN operates a modern 90,000 sq. ft. manufacturing facility in Dhulagarh, equipped with advanced machinery and a skilled workforce. The company exports to Europe, the USA, Australia, the Middle East, and Africa, boasting a loyal customer base of over 25 clients.

Key Highlights

• Product Portfolio: The company has scaled its production capacity from 80 MT/month in 2011 to 665 MT/month by 2022.
• Market Presence: GLEN Industries maintains strong client relationships and exports customized products to multiple regions.
• Promoters: The company is led by Mr. Lalit Agrawal, Mrs. Lata Agrawal, Mr. Nikhil Agrawal, and Mrs. Niyati Seksaria.
• Business Model: Focused on high-quality, eco-friendly packaging solutions with a robust global supply chain.
• Objective of the Issue: Proceeds will fund the setup of a new manufacturing facility and general corporate purposes.

Competitive Strengths

1. Eco-Friendly Focus: Aligning with global environmental trends, GLEN Industries is committed to sustainable packaging.
2. Strong Financial Growth: Revenue increased by 18% and profit after tax (PAT) by 113% from FY24 to FY25.
3. Global Reach: The company exports to multiple continents, focusing on customized solutions based on client requirements.

Challenges

• Market Competition: GLEN Industries faces competition from established players in the food packaging industry.
• SME Scale: Being smaller compared to larger competitors may limit scalability.
• Dependence on Market Sentiment: SME IPOs are sensitive to market volatility, which could impact listing performance.
• Limited GMP Data: Inconsistent grey market activity may lead to listing price uncertainty.

Financial Performance

Key Performance Indicators (KPIs)

• Market Capitalisation: ₹233.40 Cr at the IPO upper price band of ₹97.
• Revenue Growth: Revenue increased by 18% from ₹61.03 Cr in FY24 to ₹72.06 Cr in FY25.
• PAT Growth: PAT grew by 113% from ₹8.58 Cr in FY24 to ₹18.27 Cr in FY25.
• EPS (FY25): ₹7.59, resulting in a P/E ratio of 12.78x at the upper price band.
• Debt: Moderate borrowing at ₹10.54 Cr indicates manageable leverage.

GLEN Industries IPO GMP

As of July 9, 2025, the Grey Market Premium (GMP) for GLEN Industries IPO is reported at ₹25 per share, indicating a potential listing price of ₹122 per share (25.77% above the upper price band of ₹97). The GMP has fluctuated, reflecting moderate grey market activity, and investors should note that GMP is unofficial and volatile.

GMP Data

Things to Consider Before Applying for GLEN Industries IPO

Pros

• Strong Financials: The company has shown impressive revenue and PAT growth, with a low P/E ratio of 12.78x, suggesting attractive valuation.
• Eco-Friendly Focus: Aligning with global demand for sustainable packaging enhances long-term growth potential.
• Global Expansion: Exports to multiple regions and a loyal customer base of over 25 clients.
• SME IPO Appeal: Recent SME IPOs have seen high subscription rates and positive listing gains.
• Moderate Debt: Manageable borrowing levels support financial stability.

Risks

• Limited GMP Data: Inconsistent GMP suggests low pre-listing market activity, increasing listing price uncertainty.
• Market Competition: Faces competition from larger players in the food packaging sector.
• Small Issue Size: The ₹63.02 Cr issue may limit scalability and institutional interest.
• Market Sentiment: Volatility in SME IPO listings could impact subscription and listing performance.
• Dependence on HoReCa Sector: Revenue tied to specific industries may be vulnerable to sector-specific downturns.

How to Apply for GLEN Industries IPO?

Investors can apply through the following methods:

• Online ASBA: Use your bank’s net banking platform to apply via ASBA.
• UPI: Apply through UPI using a registered broker or trading app.
• Offline: Submit a physical application form through your stockbroker.

Steps to Apply via Broker

1. Log in to your stockbroker’s app or website.
2. Navigate to the IPO section and select “GLEN Industries IPO.”
3. Enter your UPI ID, quantity (minimum 1,200 shares), and price (preferably the cut-off price of ₹97).
4. Submit the application and confirm the UPI mandate before 5:00 PM on July 10, 2025.

GLEN Industries IPO Allotment Status

The IPO allotment status will be available on the Kfin Technologies Limited website after July 11, 2025. To check your allotment status:

1. Visit the Kfin Technologies website.
2. Select “GLEN Industries Limited” from the dropdown menu.
3. Enter your PAN, application number, or DP/Client ID.
4. Click “Search” to view your allotment status.

Alternatively, check the status on the BSE website by selecting “Equity” and “GLEN Industries Limited.” Investors will also receive allotment updates via email or push notifications from their brokers.

IPO Contact Details

GLEN Industries Limited:

• Address: Rajveena, 2nd Floor, 50A, Block-C, New Alipore, Kolkata, West Bengal, 700053
• Phone: +91 9831087598
• Email: info@glen-india.com

Registrar:

• Name: Kfin Technologies Limited
• Address: Selenium Tower B, Plot 31-32, Gachibowli, Financial District, Nanakramguda, Hyderabad – 500032, Telangana, India
• Phone: +91 40 6716 2222
• Email: gil.ipo@kfintech.com

Conclusion

The GLEN Industries IPO presents an exciting opportunity to invest in a company with strong financials and a commitment to eco-friendly packaging. With a loyal customer base and an attractive valuation, this IPO is poised for long-term growth. However, potential investors should conduct thorough research and consider market conditions before making investment decisions.

Disclaimer: The information provided is for educational purposes only and should not be considered investment advice. Investors are advised to conduct their own research and consult SEBI-registered financial advisors before making investment decisions.

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