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3w ago

Glen Industries IPO Oversubscribed 260x as Allotment Finalizes Ahead of July 15 Listing

Grey market premiums have climbed to ₹45, reflecting expected double-digit listing gains as proceeds will fund a new manufacturing facility alongside broader corporate needs.

GLEN Industries IPO
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GLEN Industries IPO Allotment Status

Overview

  • The SME IPO drew bids for 43.7 lakh shares, achieving roughly 260 times subscription and attracting nearly ₹11,037 crore in demand.
  • The basis of allotment is being finalized on July 11, with demat credits and investor refunds scheduled for July 14 before a planned BSE SME listing on July 15.
  • Unofficial grey market trading has driven premiums to around ₹45 per share, indicating potential listing gains exceeding 46% over the IPO’s ₹97 upper price band.
  • The issue raised ₹63.02 crore through a fresh offer of 64.97 lakh shares priced between ₹92 and ₹97, with retail investors applying for at least 2,400 shares and HNIs a minimum of 3,600.
  • Proceeds will finance a new manufacturing unit in Purba Bardhaman, West Bengal, and support Glen’s broader corporate expansion in eco-friendly food packaging.