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Bumper debut! GLEN Industries lists at 62% premium, beats IPO GMP forecasts
As a result, investors who were allotted GLEN Industries shares in the IPO made a profit of nearly ₹72,000 per lot (1,200 shares) upon listing.
The GLEN Industries IPO listing outperformed grey market expectations. Prior to the debut, its unlisted shares were trading at around ₹152 in the grey market, indicating a grey market premium (GMP) of ₹55, or approximately 56.70 per cent over the issue price, according to sources tracking unofficial market activity.
GLEN Industries IPO details
The public offering of GLEN Industries comprised an entirely fresh issue of 6.5 million equity shares, aggregating to ₹63.02 crore. It was available for subscription from Tuesday, July 8, to Thursday, July 10, at a price band of ₹92–97 per share, with a lot size of 1,200 shares.
The public issue received massive demand from investors, getting oversubscribed by 350.72 times by the end of the subscription period, as per BSE data. The basis of allotment for GLEN Industries IPO shares was finalised on Friday, July 11. The company set the issue price at ₹97 per share.
GLEN Industries proposes to utilise the IPO proceeds for setting up a new manufacturing facility at Purba Bardhaman, West Bengal. The company will further use the funds for general corporate purposes.
About GLEN Industries
GLEN Industries produces eco-friendly food packaging and service products, such as thin-wall containers and compostable straws, catering to the hospitality and beverage industries. With a 90,000 sq. ft. state-of-the-art manufacturing facility in Dhulagarh, the company exports its products to international markets, including Europe, the USA, and Australia. GLEN Industries' product range includes thin-wall food containers and compostable straws, available in various production capacities.
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