GLEN Industries
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 08 Jul 2025 – 10 Jul 2025
- Listing date
- 15 Jul 2025
- Face value
- ₹10 per share
- Issue price
- ₹97 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Total issue size
- ₹62.94 Cr
- Market cap at offer price
- ₹233 Cr
- Promoter holding
- 100.00% → 72.99% pre-issue → post-issue
- ISIN
- INE0UMC01019
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- Rajveena, 2nd Floor, 50A, Block-C, New Alipore, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 18,00,000 | — | — |
| Market maker | 3,25,200 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹97
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,16,400 |
| S-HNI (min) | 2 | 2,400 | ₹2,32,800 |
| S-HNI (max) | 8 | 9,600 | ₹9,31,200 |
| B-HNI (min) | 9 | 10,800 | ₹10,47,600 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.40 | 7.59 |
| P/E (×) | 9.33 | 12.78 |
| Price to book (×) | 0.22 | — |
| Market cap | — | ₹233 Cr |
Key performance indicators
- Return on net worth
- 45.43%
- ROCE
- 16.94%
- Debt / equity
- 2.28
- PAT margin
- 10.70%
- EBITDA margin
- 23.60%
- NAV per share
- ₹33.23
- Price to book
- 0.22
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About GLEN Industries
Glen Industries Limited, originally incorporated as Glen Stationery Private Limited in October 2007 and later renamed, is engaged in manufacturing a diverse range of food packaging and service products. The company commenced manufacturing thin-wall food containers in 2019 with an initial capacity of 195 MT/month, which has since expanded to 665 MT/month. In 2019, Glen also diversified into manufacturing paper straws and PLA straws with initial capacities of 21.75 MT/month and 40.60 MT/month respectively. By 2022, the company ventured into U-shape straws for the beverage and dairy industry. The company generates revenue from these products supplied primarily to the HoReCa sector, Quick Service Restaurants (QSR), and the food, beverage, and dairy industries. Glen's manufacturing operations are concentrated in Howrah, West Bengal, with facilities equipped with micro-processor controlled all-electric injection moulding machines imported from Japan and China. The company maintains strict adherence to international hygiene standards and certifications including FSSC 22000, ISO 9001:2015, ISO 14001:2015, HACCP, FSC, and SEDEX standards.
Company Analysis
from RHPGlen Industries Limited manufactures thin-wall food containers, PLA straws, and paper straws for the HoReCa, QSR, beverage, and food packaging sectors.
Glen Industries Limited, originally incorporated as Glen Stationery Private Limited in October 2007 and later renamed, is engaged in manufacturing a diverse range of food packaging and service products. The company commenced manufacturing thin-wall food containers in 2019 with an initial capacity of 195 MT/month, which has since expanded to 665 MT/month. In 2019, Glen also diversified into manufacturing paper straws and PLA straws with initial capacities of 21.75 MT/month and 40.60 MT/month respectively. By 2022, the company ventured into U-shape straws for the beverage and dairy industry. The company generates revenue from these products supplied primarily to the HoReCa sector, Quick Service Restaurants (QSR), and the food, beverage, and dairy industries. Glen's manufacturing operations are concentrated in Howrah, West Bengal, with facilities equipped with micro-processor controlled all-electric injection moulding machines imported from Japan and China. The company maintains strict adherence to international hygiene standards and certifications including FSSC 22000, ISO 9001:2015, ISO 14001:2015, HACCP, FSC, and SEDEX standards.
Objects of the Issue
- Setting Up a new manufacturing facility at Purba Bardhaman, PS – Jamalpur, Gram Panchayat: Jougram, Mouza – Jaugram, JL no 114, West Bengal 713166 Up to ₹4,773.00 lakhs p.22
- General Corporate Purpose p.22
- Setting up a new manufacturing facility at Purba Bardhaman, PS – Jamalpur, Gram Panchayat: Jougram, Mouza – Jaugram, JL no 114, West Bengal 713166 for manufacture of three types of products namely: (i) Paper Cups, (ii) Plastic Food Containers by Injection and (iii) Plastic Food Containers by Thermoforming Up to ₹4,773.00 lakhs from IPO proceeds (total project cost Up to ₹10,022.00 lakhs, with ₹249.00 lakhs from internal accruals and Up to ₹5,000.00 lakhs from borrowings) p.79
- General Corporate Purpose [●] (not to exceed 15% of gross proceeds from Fresh Issue or Rs 10 crores, whichever is lower) p.79
- Expansion of manufacturing capabilities including setting up of new manufacturing facility ₹4,773.00 lakhs p.123
- Funding capex for expansion and modernization of manufacturing facilities p.309
Issue Structure
- Total Issue
- Up to ₹[●] lakhs (64,96,800 equity shares at face value of ₹10 each)
- Fresh Issue
- Up to 64,96,800 equity shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Offer for Sale
- Nil
- Price Band
- To be decided by the company in consultation with the BRLM
- Lot Size
- [●] equity shares and in multiples of [●] equity shares thereafter
- Face Value
- ₹10 per equity share
Business Model
Glen Industries manufactures and sells plastic food packaging products including thin-wall food containers, PLA straws, and paper straws. The company generates revenue from selling these products to customers in the HoReCa sector, Quick Service Restaurants, and the food, beverage, and dairy industries, both domestically and internationally. Raw material costs represented 57.04%, 58.70%, and 62.21% of revenue from operations in Fiscal 2025, 2024, and 2023 respectively, indicating a manufacturing-based business model with significant raw material expenditure.
Business Segments
SWOT Analysis
- • Established manufacturing operations with modern equipment and multi-segment product portfolio(p.22)
- • Strong revenue growth and profitability trajectory(p.24)
- • Diversified customer base across HoReCa, QSR, food, beverage and dairy industries(p.22)
- • International quality certifications and compliance(p.22)
- • Significant export revenue contribution(p.32)
- • Capacity expansion underway at new facility(p.22)
- • State-of-the-art manufacturing equipment and technology(p.122)
- • Experienced management team with deep industry expertise(p.122)
- • Strong established customer relationships across domestic and international markets(p.122)
- • Efficient supply chain enabling timely delivery and consistency(p.122)
- • Comprehensive quality certifications and compliance standards(p.123)
- • Strong revenue and profit growth trajectory(p.114)
- • Customization capabilities to meet diverse customer requirements(p.123)
- • Established governance framework with audit committee oversight(p.148)
- • Structured nomination and remuneration process for independent directors(p.150)
- • Qualified key managerial personnel with relevant expertise(p.150)
- • Experienced Company Secretary with corporate governance background(p.151)
- • Promoter commitment via personal guarantees on borrowings(p.154)
- • No audit qualifications from external auditors across three years(p.223)
- • No wilful defaulter declaration from any lender(p.220)
- • Successful subsidiary amalgamation completed(p.282)
- • No transactions with struck-off companies(p.220)
- • High dependence on external suppliers for machinery, components and raw materials(p.31)
- • High raw material cost exposure representing over half of revenue(p.31)
- • Complete reliance on third-party transportation with no owned fleet(p.31)
- • All manufacturing operations concentrated in single location(p.32)
- • No long-term firm commitment agreements with customers(p.37)
- • Heavy dependence on promoters and key management personnel(p.33)
- • Related party transactions and potential conflicts of interest(p.31)
- • Incomplete trademark registrations pending(p.37)
- • Past instances of delayed statutory filings(p.35)
- • Under-utilization of manufacturing capacity in certain product lines(p.40)
- • Heavy reliance on a few major customers for revenue concentration(p.125)
- • High debt-equity ratio indicating significant leverage(p.114)
- • Limited manufacturing capacity utilization in some product lines(p.128)
- • Dependence on imported raw materials and machinery(p.112)
- • High financial leverage with significant short-term and long-term borrowings(p.168)
- • Multiple loans from related parties creating dependency and potential conflicts(p.183)
- • Cash flow constraints with minimal cash balance relative to debt obligations(p.168)
- • Accumulated restatement adjustments indicating prior accounting control weaknesses(p.176)
- • Contingent liability from GST demand notices pending in court(p.216)
- • Quarterly bank statement discrepancies in inventory and receivables reporting(p.217)
- • High debt-to-equity ratio indicating significant leverage(p.222)
- • Material discrepancies in quarterly bank statements for inventory and receivables(p.279)
- • Regulatory compliance failures with delayed charge registrations beyond statutory period(p.220)
- • GST demand notice with contingent liability exposure(p.277)
- • Concentration of promoter shareholding creating governance risk(p.240)
- • Global plastic packaging market growth trajectory(p.21)
- • Increased global focus on recycled PET and sustainable packaging(p.21)
- • E-commerce and quick commerce expansion creating packaging demand(p.21)
- • Emerging innovative packaging solutions market(p.21)
- • Expansion of new manufacturing facility to increase capacity(p.22)
- • Capacity utilization improvement potential in PLA and Paper straws(p.40)
- • Growing global demand for eco-friendly and biodegradable packaging solutions(p.106)
- • Rapid expansion of e-commerce driving packaging demand(p.106)
- • Strong growth in Asia-Pacific plastic packaging market(p.108)
- • India's plastic packaging market projected to grow at 3.09% CAGR through 2029(p.109)
- • Expanding capacity and technological capabilities to capture market share(p.123)
- • Diversification into new product categories and market segments(p.124)
- • Increasing government focus on sustainability and plastic waste management(p.123)
- • Revenue growth trajectory with increasing domestic and export sales(p.201)
- • Expansion into related business segments via subsidiaries(p.157)
- • Capital investment for capacity enhancement and modernization(p.199)
- • Stakeholder relationship committee to improve investor engagement post-listing(p.149)
- • Volatile raw material prices impacting profitability(p.31)
- • Foreign exchange and international trade risks(p.31)
- • Intense competition from domestic and multinational corporations(p.34)
- • Global regulatory restrictions on single-use plastics(p.21)
- • Environmental, health and safety regulatory compliance costs(p.33)
- • Regional economic and political risks in West Bengal(p.32)
- • Labor-related operational risks and disputes(p.32)
- • Loss of key customers could materially impact revenue(p.37)
- • Regulatory changes and increasing environmental restrictions on plastic use(p.109)
- • Intense competition in plastic packaging industry(p.122)
- • Vulnerability to economic downturns affecting consumer spending(p.122)
- • Fluctuation in raw material prices and supply chain disruptions(p.128)
- • Global regulations increasingly banning single-use plastics(p.106)
- • Regulatory action via GST demand and potential recovery proceedings(p.216)
- • Concentration risk with large outstanding loans from multiple banks and related parties(p.184)
- • Working capital strain from rising inventory and receivables(p.168)
- • Interest rate risk on variable-rate borrowings indexed to repo and T-Bill rates(p.188)
- • Exposure to foreign exchange volatility on export sales(p.169)
- • Dependence on multi-bank financing with potential covenant breaches(p.250)
- • Foreign currency exposure from imports and international operations(p.277)
- • Legal proceedings and contingent liabilities pending before High Court(p.277)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Lalit Agrawal | Promoter | 49.68% | — |
| Lata Agrawal | Promoter | 20.12% | — |
| Nikhil Agrawal | Promoter | 19.60% | — |
| Niyati Seksaria | Promoter | 10.06% | — |
| Lalit Agrawal | Promoter/Executive Director | 49.68% | [●] |
| Lata Agrawal | Promoter Group | 20.12% | [●] |
| Nikhil Agrawal | Promoter/Managing Director | 19.60% | [●] |
| Niyati Seksaria | Promoter/Whole Time Director | 10.06% | [●] |
| Rita Singh | Promoter Group | 0.24% | [●] |
| Nitesh Seksaria | Promoter Group | 0.20% | [●] |
| Lalit Agrawal (HUF) | Promoter Group | 0.10% | [●] |
| Lalit Agrawal | Promoter | 49.68% | — |
| Nikhil Agrawal | Promoter | 19.60% | — |
| Niyati Seksaria | Promoter | 10.06% | — |
| Lata Agrawal | Promoter | — | — |
| Lalit Agrawal | Promoter, Chairman and Executive Director | 49.78% | 49.68% |
| Lata Agrawal | Promoter | 20.12% | 20.12% |
| Nikhil Agrawal | Promoter and Managing Director | 19.60% | 19.60% |
| Niyati Seksaria | Promoter and Marketing Director | 10.06% | 10.06% |
| Lalit Agrawal | Promoter | 49.68% | — |
| Lata Agrawal | Promoter | 20.12% | — |
| Nikhil Agrawal | Promoter | 19.60% | — |
| Niyati Seksaria | Promoter | 10.06% | — |
| Lalit Agrawal | Promoter/Executive Director | — | — |
| Lata Agrawal | Promoter | — | — |
| Nikhil Agrawal | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.