GLEN Industries IPO is scheduled to open on July 8, 2025, and will close on July 10, 2025. It is a Book Built Issue aiming to raise approximately ₹63.02 crores. The issue comprises a fresh issue of ₹63.02 crores, with an offer for sale component yet to be disclosed. The face value of each share is ₹10.
The GLEN Industries IPO price band is set between ₹92 to ₹97 per share. The retail investor quota is 35%, Qualified Institutional Buyers (QIB) have 50%, and High Net-worth Individuals (HNI) have 15% of the allocation. The IPO is proposed to be listed on the BSE on July 15, 2025, while the allotment date is July 11, 2025.
From a financial perspective, the company has shown strong growth. It reported a revenue of ₹171.28 crores in FY 2025, up from ₹145.22 crores in FY 2024. The net profit also witnessed a significant rise, increasing to ₹18.27 crores in 2025 from ₹8.58 crores in 2024.
GLEN Industries IPO Date & Price Band Details
| Category | Details |
|---|---|
| IPO Open Date: | July 8, 2025 |
| IPO Close Date: | July 10, 2025 |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹92 to ₹97 Per Share |
| Issue Size: | Approx ₹63.02 Crores |
| Fresh Issue: | Approx ₹63.02 Crores |
| Issue Type: | Book Built Issue |
| IPO Listing: | BSE SME |
| Retail Quota: | Not more than 35% |
| QIB Quota: | Not more than 50% |
| NII Quota: | Not more than 15% |
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | Click Here |
| Anchor Investors List: | Click Here |
GLEN Industries IPO Market Lot
The minimum lot size for the GLEN Industries IPO is 1,200 shares, requiring a total application amount of ₹1,16,400.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 1200 | ₹1,16,400 |
| Retail Maximum | 1 | 1200 | ₹1,16,400 |
| S-HNI Minimum | 2 | 2,400 | ₹2,32,800 |
Revised Lot Size:
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2,400 | ₹2,32,800 |
| Retail Maximum | 2 | 2,400 | ₹2,32,800 |
| S-HNI Minimum | 3 | 3,600 | ₹3,49,200 |
GLEN Industries IPO Allotment & Listing Dates
The GLEN Industries IPO will open on 8 July and close on 10 July. The allotment of shares will be finalized on 11 July, and the IPO will be listed on 15 July.
| Type | Date |
|---|---|
| IPO Open Date: | July 8, 2025 |
| IPO Close Date: | July 10, 2025 |
| Basis of Allotment: | July 11, 2025 |
| Refunds: | July 14, 2025 |
| Credit to Demat Account: | July 14, 2025 |
| IPO Listing Date: | July 15, 2025 |
GLEN Industries IPO: Promoters
The promoters of the company are Mr. Lalit Agrawal, Mrs. Lata Agrawal, Mr. Nikhil Agrawal, and Mrs. Niyati Seksaria.
GLEN Industries IPO Company Financial Report
The company reported a revenue of ₹171.28 crores in 2025, compared to ₹145.22 crores in 2024. It also posted a profit of ₹18.27 crores in 2025, up from ₹8.58 crores in 2024.
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax | Assets |
|---|---|---|---|---|
| 2022 | ₹96.71 | ₹91.68 | ₹3.85 | ₹117.11 |
| 2023 | ₹119.59 | ₹114.15 | ₹0.57 | ₹137.07 |
| 2024 | ₹145.22 | ₹133.70 | ₹8.58 | ₹160.32 |
| 2025 | ₹171.28 | ₹146.65 | ₹18.27 | ₹214.36 |
GLEN Industries IPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE: | 45.43% |
| ROCE: | 16.94% |
| EBITDA Margin: | 23.60% |
| PAT Margin: | 10.70% |
| Debt to equity ratio: | 2.28 |
| Earning Per Share (EPS): | ₹10.4 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 45.43% |
| Net Asset Value (NAV): | ₹33.23 |
GLEN Industries IPO Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Rajshree Polypack Limited | 1.09 | 24.94 | 4.98% | 21.73 | 334.70 Cr. |
Objects of the Issue – GLEN Industries IPO
- Setting up a new manufacturing facility at Purba Bardhaman, PS – Jamalpur, Gram Panchayat: Jougram, Mouza – Jaugram, JL No. 114, West Bengal – 713166
- General Corporate Purpose
GLEN Industries Company Overview, Strengths, and Risks
GLEN Industries Ltd. (GIL) is an Indian company primarily engaged in the manufacturing of eco-friendly food packaging and service products. The company was originally incorporated in 2007 as Glen Stationery Private Limited and later diversified into food packaging. It focuses on producing thin-wall food containers and compostable straws (PLA and paper), catering to various sectors including Hotels, Restaurants, Cafés/Catering (HoReCa), the beverage industry, and Quick Service Restaurants (QSRs). GLEN Industries exports its products to over 25 countries, including the US, Europe, Australia, the Middle East, and Africa, and holds a “2-star export house” award from the Government of India.
Company Overview:
- Foundation: Incorporated in 2007 (originally as Glen Stationery Private Limited).
- Core Business: Manufacturing of eco-friendly food packaging and service products (thin-wall food containers, PLA straws, paper straws).
- Key Markets: HoReCa, QSR, food & beverage, and dairy industries.
- Manufacturing Capacity: As of 2022, 665 MT/month of thin-wall food containers and 15.0 million pieces per day of compostable straws (including 12 million pieces per day of U-shape straws). They have recently established a new 90,000 sq. ft. manufacturing unit in West Bengal to further enhance output.
- Global Reach: Exports to over 25 countries.
- Financial Performance (as of March 31, 2025):
- Revenue: ₹171.28 crore
- Profit After Tax (PAT): ₹18.27 crore
- Net Worth: ₹40.21 crore
- Total Borrowings: ₹132.83 crore
- Return on Net Worth (RoNW): 45.43%
- Debt to Equity Ratio: 2.28
Strengths:
- Focus on Eco-Friendly Products: GLEN Industries operates in the growing eco-friendly packaging sector, which aligns with global sustainability trends and increasing consumer and regulatory demand for environmentally responsible solutions.
- Advanced Manufacturing Facilities: The company utilizes cutting-edge, automated machinery and technology sourced from Japan, Taiwan, and China, ensuring high-quality, hygienic, and efficient production.
- Established Market Presence and Customer Relationships: GLEN Industries has established relationships with a diverse customer base, both domestically and internationally, with exports to numerous countries and a base of over 25 global customers.
- Strong Financial Growth: The company has demonstrated robust financial growth, with significant increases in revenue and profit after tax in recent financial years.
- Experienced Management Team: The company benefits from an experienced management and operations team, led by individuals with strong academic and professional backgrounds.
- Customization Capabilities: GLEN Industries possesses strong customization capabilities, allowing them to cater to specific customer requirements.
- Quality Assurance (QA/QC): The company emphasizes maintaining high standards of product quality and food safety.
Risks:
- Reliance on Raw Material Prices: The company’s business is significantly impacted by the fluctuation of crude oil prices, as plastic is a key raw material for thin-wall food containers. Surging raw material costs can negatively affect profitability.
- Competition: GLEN Industries faces competition in the eco-friendly packaging market. The presence of a significantly owned subsidiary (GLEN Paper Products Pvt Ltd.) directly competing with the company, and the lack of non-compete clauses, could be a concern due to potential uninhibited promoter bias.
- Execution Risk of Expansion Plans: The company’s ongoing expansion plans, including setting up new manufacturing units, involve operational and financial challenges. If not executed efficiently, these plans could impact profitability and strain financial flexibility, especially given the significant portion of borrowings used to support growth.
- High Debt-to-Equity Ratio: A debt-to-equity ratio of 2.28 indicates a significant reliance on borrowings, which could expose the company to financial risk if market conditions or returns on investment do not meet expectations.
- Shariah Compliance Status (for certain investors): As per some analyses, the company’s financial ratios, particularly its interest-bearing debt to total assets (46.45%), exceed acceptable Shariah limits, making it non-compliant for Shariah-conscious investors.
- Illiquid Assets: A significant portion of the company’s assets are illiquid (78.26% illiquid assets to total assets), which could pose challenges in times of financial distress.
- Market Volatility: As a company with publicly traded shares (especially after its recent IPO on BSE SME), it is subject to market volatility and the inherent risks of equity investments. There is no assurance of sustained trading or price stability post-listing, especially for a newly listed entity.
GLEN Industries IPO Review
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GLEN Industries IPO Registrar
KFin Technologies Limited
Phone: 04067162222, 04079611000
Email: gil.ipo@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/
GLEN Industries IPO Lead Managers aka Merchant Bankers
- GYR Capital Advisors Private Limited
GLEN Industries Company Address
GLEN Industries Limited
Rajveena, 2nd Floor,
50A, Block-C,
New Alipore
Phone: +91 9831087598
Email: info@glen-india.com
Website: http://www.glen-india.com/
FAQs about GLEN Industries IPO
The GLEN Industries IPO opens on July 8, 2025, and closes on July 10, 2025.
The IPO Price Band for GLEN Industries is fixed between ₹92 to ₹97 per share.
The minimum lot size for retail investors is 2,400 shares, requiring an application amount of ₹2,32,800 at the upper price band.
The total issue size of the GLEN Industries IPO is approximately ₹63.02 crores, entirely comprising a fresh issue of shares.
GLEN Industries IPO shares are tentatively scheduled to be listed on BSE SME on July 15, 2025.
The promoters of GLEN Industries are Mr. Lalit Agrawal, Mrs. Lata Agrawal, Mr. Nikhil Agrawal, and Mrs. Niyati Seksaria.
For FY2025, GLEN Industries reported a revenue of ₹171.28 crores and a Profit After Tax (PAT) of ₹18.27 crores.
The primary objectives are setting up a new manufacturing facility in West Bengal and general corporate purposes.
KFin Technologies Limited is the registrar for the GLEN Industries IPO.
Key strengths include a focus on eco-friendly products, advanced manufacturing facilities, established market presence, strong financial growth, and an experienced management team.
