GLEN Industries Limited has launched its ₹63.02 crore IPO on July 8, 2025. The company, which has shown strong profitability in recent years, is issuing 64.96 lakh equity shares through a bookbuilding IPO, with an entirely fresh issue component. The price band has been set between ₹92 and ₹97 per share, and the stock is scheduled to be listed on the BSE SME platform on 15th July 2025.
Backed by a rising grey market premium (GMP), positive financial growth, and steady investor interest, the GLEN Industries IPO is garnering strong attention from retail and HNI investors. This article covers everything from IPO structure to financials, GMP trends, expert reviews, and whether it is worth your investment.
IPO Overview: Key Details at a Glance
| Parameter | Details |
|---|---|
| IPO Open Date | 8th July 2025 |
| IPO Close Date | 10th July 2025 |
| IPO Allotment Date | 11th July 2025 |
| Refund Initiation Date | 14th July 2025 |
| Listing Date (Tentative) | 15th July 2025 |
| Issue Type | Bookbuilding |
| Issue Size | ₹63.02 crore |
| Shares Offered | 64,96,800 |
| Price Band | ₹92 to ₹97 |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Minimum Retail Investment | 2 lots = ₹2,32,800 |
| Registrar | Kfin Technologies Ltd |
| Listing Exchange | BSE SME |
About GLEN Industries Limited
GLEN Industries Limited is engaged in the design, development, and manufacture of engineered industrial products and assemblies. The company is known for providing precision solutions to clients across multiple sectors including industrial machinery, transportation, and equipment manufacturing. GLEN’s operations are vertically integrated and supported by skilled manpower and advanced infrastructure.
Competitive Strengths
-
Operational efficiency and process innovation
-
Experienced management and technical team
-
Capacity to scale up production
-
Strong profitability margins
-
Robust supply chain with repeat business from large OEM clients
The company has also announced plans to set up a new manufacturing unit in Purba, which will be partly funded through IPO proceeds.
Use of IPO Proceeds
GLEN Industries plans to utilize the ₹63.02 crore from the IPO for:
-
Setting up a new manufacturing unit at Purba
-
Meeting general corporate purposes
-
Enhancing long-term working capital
-
Upgrading infrastructure and technology
This approach indicates the company’s focus on expanding capacity and improving operational flexibility.
GLEN Industries Financial Performance
Revenue and Profit Trends
| Financial Year | Revenue (₹ Cr.) | PAT (₹ Cr.) |
|---|---|---|
| FY2023 | 145.22 | 8.58 |
| FY2024 | 171.28 | 18.27 |
-
Revenue grew by 17.94% YoY in FY25.
-
Profit After Tax (PAT) rose 112.93%, reflecting improved cost control and margin efficiency.
-
The PAT margin rose from 5.9% to 10.7%, which is a healthy sign in a manufacturing setup.
Key Financial Ratios and Valuation Metrics
| Metric | Pre-IPO Value | Post-IPO Value |
|---|---|---|
| PE Ratio | 9.33 | 12.78 |
| EPS | ₹10.40 | ₹7.59 |
| Return on Net Worth (RoNW) | 45.43% | — |
| Return on Equity (ROE) | 45.43% | — |
| Return on Capital Employed | 16.94% | — |
| Price-to-Book Value | 0.22 | — |
| EBITDA Margin | 23.60% | — |
| PAT Margin | 10.70% | — |
| Market Capitalization | ₹233.40 crore | — |
Interpretation
The PE ratio of 9.33 (pre-IPO) suggests the company is attractively priced relative to earnings. Post-IPO dilution increases the PE, but the valuation still remains below industry averages. The RoNW of 45.43% is notably strong, indicating the company’s high return on investor equity.
Grey Market Premium (GMP) Trend
| Date | GMP (₹) | Estimated Listing Price | Estimated Gain (%) |
|---|---|---|---|
| 08-Jul-2025 | ₹25 | ₹122 | 25.77% |
| 07-Jul-2025 | ₹25 | ₹122 | 25.77% |
| 06-Jul-2025 | ₹25 | ₹122 | 25.77% |
| 05-Jul-2025 | ₹25 | ₹122 | 25.77% |
| 04-Jul-2025 | ₹18 | ₹115 | 18.55% |
| 03-01 Jul | ₹0 | ₹97 | 0.00% |
GMP Insights
The sustained GMP of ₹25 in the last four sessions reflects strong grey market sentiment. The IPO is expected to list around ₹122, delivering a potential listing gain of 25.77%, if market conditions remain supportive.
Subscription Details and Lot Sizes
Lot Size Table
| Investor Type | Minimum Lots | Shares | Investment (₹) |
|---|---|---|---|
| Retail Investors | 2 | 2,400 | ₹2,32,800 |
| HNI (Small) | 3 | 3,600 | ₹3,49,200 |
| HNI (Big) | 5+ | 6,000+ | ₹5,82,000 and above |
Share Allocation Breakdown
Though the official subscription data will be published during the IPO, interest from HNI and retail investors is expected to be robust due to GMP strength and attractive valuation.
Registrar & Allotment Information
The registrar for the IPO is Kfin Technologies Ltd.
Contact for Allotment Queries:
-
Email: reachus@kfintech.com
-
Phone: 040-67162222 / 040-79611000
Investors can check allotment status via the BSE website or registrar portal post IPO close.
Peer Comparison
| Company | Revenue (₹ Cr.) | PE Ratio | EPS | RoNW |
|---|---|---|---|---|
| GLEN Industries | 171.28 | 9.33 | 10.40 | 45.43% |
| Marc Loire Fashions | 92.50 | 24.10 | 3.20 | 28.12% |
| Ace Infraplast | 188.00 | 17.80 | 8.60 | 31.46% |
Compared to peers, GLEN offers higher earnings per share and RoNW at a lower PE ratio, suggesting value-for-money for investors.
Expert Opinions
Though analyst ratings are still awaited from brokerages, early reviews are neutral to positive, based on:
-
Strong FY25 profit growth
-
High RoNW and strong margins
-
Solid GMP indicating market demand
-
Reasonable valuation compared to industry
However, experts caution that the SME listing segment has lower liquidity, and post-listing volatility is common.
Should You Subscribe?
Pros
-
Low PE relative to growth
-
GMP indicates listing premium potential
-
High RoNW, PAT margin, and EPS
-
Reasonable retail entry size for SME IPO
Cons
-
SME platform liquidity constraints
-
Sudden spike in profit (sustainability unknown)
-
Limited analyst coverage pre-listing
Suitable For:
-
HNIs and well-informed retail investors
-
Investors with risk appetite for SME listings
-
Medium- to long-term investors seeking growth potential
Post-Listing Outlook
If listing is successful at ₹122 or higher, the following factors will influence performance:
-
Implementation timeline for new Purba facility
-
Order book updates and FY26 revenue visibility
-
Margin sustainability amid raw material price fluctuation
-
Management disclosures post listing
The stock could see strong upward momentum post listing if quarterly updates meet or beat expectations. Profit-booking risk may emerge in the short term due to early GMP-based entries.
Final Verdict
The GLEN Industries IPO looks promising based on robust financials, strong GMP, and expansion plans. The valuation is attractive compared to peers, and market response has been encouraging. While it carries the typical risks associated with SME IPOs—such as lower liquidity and higher volatility—it also offers above-average growth potential and return ratios.
Recommendation:
Investors with moderate risk tolerance and a 6-12 month horizon can consider subscribing. Conservative investors may wait until post-listing stability is confirmed.
