GLEN Industries IPO Day 3: Check Latest GMP, Subscription Status, Allotment Date And More

The initial public offering (IPO) of Glen Industries has been subscribed 43.20 times so far on the third day of bidding on Thursday, July 10. The BSE SME issue received bids for 18,88,39,200 shares against 43,71,600 shares on offer, as per Chittorgarh data till 11:39 a.m.  

The Qualified Institutional Buyers (QIBs) booked their category 1.69 times and the Non-Institutional Investors (NIIs) subscribed the issue 79.19 times. The retail portion of the IPO was booked 54.49 times. 

Investors who want to bid for shares in the IPO on Day 3 can check the following details before making an investment call. 

The grey market premium (GMP) for the Glen Industries IPO stood at Rs 35 as of 10:32 a.m. on July 10. The latest GMP indicates a listing price of Rs 132 apiece at a premium of 36.08% on the upper limit of the price band.

Note: GMP does not represent official data and is based on speculation.

The Glen Industries IPO is a book-building issue of Rs 63.02 crore. It comprises entirely a fresh issue of 64.97 lakh shares.

Retail investors can participate in the IPO by bidding for two lots comprising 2,400 shares, requiring an investment of Rs 2,20,800. High Net-Worth Individuals (HNIs) must bid for at least three lots, amounting to an investment of Rs 3,49,200. 

The price band for the IPO has been fixed between Rs 92 and Rs 97 per share. 

The subscription window for the IPO is open from July 8 to July 10. Allotment of shares will likely be done on July 11. Shares will be transferred to the Demat accounts of successful bidders on July 14 and refunds for non-allottees will be initiated on the same day.

Shares of Glen Industries are proposed to be listed on the BSE SME platform on July 15. 

GYR Capital Advisors Pvt. is the book-running lead manager of the Glen Industries IPO. KFin Technologies Ltd. is the registrar and Giriraj Stock Broking Pvt. is the market maker for the issue. 

Glen Industries is a manufacturer of thin-wall food containers and compostable straws. The company exports its products to over 25 countries.

Use Of Proceeds

The company will use proceeds from the IPO to set up a manufacturing facility and for general corporate purposes. 

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.