GLEN Industries Limited, a manufacturer of eco-friendly food packaging and service products, received a strong response from investors. The public offering opened on July 8 and will close today, July 10. The company has set a price band of Rs 92–Rs 97 per share, with a face value of Rs 10. As of now, the IPO had received 82.95 times the number of bids. The investors place bids for a minimum of 1,200 equity shares and in multiples of 1,200 shares thereafter.
The IPO, launched on the BSE SME platform, was subscribed for 18.88 crore shares, while the company offered 43.71 lakh shares. According to the Chittorgarh website, the IPO was subscribed 54.49 times in the Retail Investors category and 79.19 times in the Non-Institutional Investor (NII) category. Meanwhile, the Qualified Institutional Buyers (QIB) segment saw a subscription of 1.69 times.
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Shares of Glen Industries are trading at a premium in the grey market. This morning, they were trading at a premium of Rs 35, indicating a likely listing price of Rs 132 — approximately 36% higher than the upper end of the price band.
The company aims to raise Rs 63.02 crore through this IPO by issuing 64.97 lakh fresh equity shares. There is no offer for sale (OFS) component in this issue. Investors are required to bid for a minimum of two lots, or 2,400 shares, amounting to Rs 2,20,800. High-net-worth individuals (HNIs) must bid for at least three lots, or 3,600 shares.