Food packaging and service products maker Glen Industries has received decent response from investors for its maiden public issue on July 8, the first day of bidding. The offer was fully subscribed at 1.43 times with investors bidding 67.12 lakh shares compared to the IPO size of 46.96 lakh shares via 2,293 applications.
Retail and non-institutional investors boosted the subscription numbers, buying 2.23 times and 1.61 times their allotted quotas, while there has been no bid from qualified institutional buyers.
The Kolkata-based company , which specialises in producing thin-wall food containers and compostable straws, is looking to raise Rs 63.02 crore via initial public offering (IPO) of 64.96 lakh shares. The IPO comprises of solely fresh issue.
The price band for the offer is Rs 92-97 per share.
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Glen Industries that offers products to food and beverages industry and food packaging companies seeks valuation of Rs 233 crore.
On July 7, a day before the IPO opening, it has mopped up Rs 17.46 crore from several anchor investors including HDFC Bank, Aarth AIF Growth Fund, SB Opportunities Fund, Nine Alps Trust, Finavenue Capital Trust, and Beacon Stone Capital.
Glen Industries intends to spend Rs 47.73 crore out of IPO proceeds for setting up a new manufacturing facility at Jamalpur, West Bengal. The remainder funds will be used for general corporate purposes.
The merchant banker handling the Glen Industries IPO is GYR Capital Advisors.
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