The IPO season of 2025 is buzzing again, and one of the key highlights is the Glen Industries IPO, launching on the BSE SME platform. Known for its rapid growth in the sustainable packaging sector, Glen Industries has caught investor attention due to its strong financials, global exports, and positive grey market premium (GMP).
In this blog, we explore everything you need to know about the Glen Industries IPO — business fundamentals, IPO structure, GMP trends, subscription status, and whether it’s worth applying.
🏭 About Glen Industries Ltd
Established in 2007, Glen Industries Limited is a Kolkata-based company engaged in manufacturing eco-friendly packaging products such as:
- Paper and PLA straws
- Thin-wall food containers
- Compostable food packaging
- Biodegradable tableware
The company caters to various industries including HORECA (Hotels, Restaurants, Cafés), food delivery apps, dairy, and beverage firms. It has a significant export footprint in 19+ countries including the USA, UK, Australia, UAE, and Southeast Asia.
Its key clients include global packaging distributors and FMCG companies shifting towards sustainable alternatives amid increasing environmental regulations.
📈 Glen Industries: Financial Performance Snapshot
🔹 Revenue Growth
| Year | Revenue (in ₹ Cr) | Growth |
|---|---|---|
| FY22 | ₹113.57 | – |
| FY23 | ₹145.22 | +27.9% |
| FY24 | ₹171.28 | +18% |
🔹 Profit After Tax (PAT)
| Year | PAT (in ₹ Cr) | Growth |
|---|---|---|
| FY22 | ₹4.29 | – |
| FY23 | ₹8.58 | +100% |
| FY24 | ₹18.27 | +113% |
🔹 Key Ratios
- EPS (FY24): ₹8.39
- Net Profit Margin: ~10.7%
- ROE: ~26%
- Debt-to-Equity Ratio: 0.38
Glen’s margins and returns have steadily improved with capacity expansion and scale efficiencies.
💼 IPO Details
| Item | Detail |
|---|---|
| IPO Opening Date | July 8, 2025 |
| IPO Closing Date | July 10, 2025 |
| Issue Type | Book Built Issue |
| Price Band | ₹92 – ₹97 per share |
| Lot Size | 1,200 shares |
| Issue Size | ₹63.02 crore (Fresh issue) |
| No. of Shares Offered | 64.97 lakh |
| Listing Exchange | BSE SME |
| Listing Date (Tentative) | July 15, 2025 |
| Lead Manager | Narnolia Financial Services |
| Registrar | Bigshare Services Pvt Ltd |
🏦 Use of IPO Proceeds
Glen plans to use the net proceeds from the IPO for:
- Capacity Expansion – Setting up new units for biodegradable packaging
- Working Capital Requirements
- Marketing & International Expansion
- General Corporate Purposes
This aligns well with their mission to become a global leader in eco-packaging.
💸 Grey Market Premium (GMP) – July 10, 2025
As of the latest update, Glen Industries IPO GMP is around ₹28–₹32 per share, indicating a ~30% listing premium over the upper price band of ₹97.
GMP Trend (Unofficial Market):
| Date | GMP (₹) | Estimated Listing Price |
|---|---|---|
| July 8, 2025 | ₹26 | ₹123 |
| July 9, 2025 | ₹28 | ₹125 |
| July 10, 2025 | ₹32 | ₹129 |
While GMP is an unofficial indicator, it reflects strong market sentiment and demand for the IPO in the grey market.
📊 IPO Subscription Status (Day 2)
| Category | Subscription (Till July 9) |
|---|---|
| Retail Investors | 7.85x |
| QIBs | 2.48x |
| NIIs (HNI) | 5.14x |
| Total | 5.98x |
With heavy interest from retail and HNIs, the IPO is expected to be oversubscribed by over 15x by the closing date.
🧠 Expert Analysis – Should You Invest?
✅ Positives:
- Strong revenue and PAT growth with expanding exports
- Rising demand for eco-friendly packaging in global markets
- Attractive valuation: P/E of ~11.5x on FY24 EPS
- High GMP and retail demand
- Low debt and healthy return ratios
⚠️ Risks:
- Highly competitive packaging sector
- Raw material price volatility
- Export dependency exposes to forex fluctuations
- SME IPOs can be illiquid post-listing
Verdict:
Glen Industries IPO appears to be a fundamentally strong SME offer with solid financials, decent valuation, and strong listing prospects. Suitable for high-risk, high-return investors, especially those targeting listing gains or short-term returns.
📥 How to Apply for Glen Industries IPO
You can apply via:
- Net Banking ASBA – Through SBI, ICICI, HDFC, etc.
- UPI Apps – Zerodha, Groww, Angel One, Paytm Money
- Manual Application (SME) – Through your broker
Minimum investment: ₹116,400 (1 lot = 1,200 shares × ₹97)
📌 Listing Day Strategy
Based on GMP and subscription momentum, listing around ₹125–₹130 is expected. You may consider:
- Booking profits on listing if you’re risk-averse
- Holding for 3–6 months if you’re bullish on ESG and packaging themes
📚 Future Outlook
Glen Industries has strong potential in:
- Export-driven growth (especially post-Ban on single-use plastics)
- B2B contracts with food-tech companies
- Expanding presence in biodegradable & compostable packaging
- Likely to benefit from ESG and sustainability-focused investments
📝 Final Thoughts
The Glen Industries IPO arrives at the right time — when sustainability, ESG investing, and packaging demand are peaking. The strong GMP and robust financials indicate solid investor interest. If you are looking for a well-managed SME IPO with global potential and near-term listing gains, Glen Industries is worth considering.
Just remember, SME IPOs come with lower liquidity and higher volatility, so plan your entry and exit wisely.