Kolkata-based Glen Industries' initial share sale has received strong response from investors, closing the final day with a massive 242.32 times subscription on July 10. Investors have picked 113.81 crore equity shares during July 8-10, compared to offer size of 46.96 lakh shares via 2.43 lakh applications.
The food packaging and service products maker is raising Rs 63.02 crore via initial public offering (IPO) of 64.96 lakh shares at a price of Rs 97 per share.
Investors across categories boosted the subscription numbers with non-institutional investors leading the show bidding 350.72 times their allotted quota. The parts set aside for retail investors and qualified institutional buyers were subscribed 225.12 times and 192.46 times, respectively.
Glen Industries is set to finalise the IPO share allotment by July 11, and its equity shares will be available for trading on the BSE SME effective July 15.
The company launched its maiden public issue on July 8, which comprised of solely fresh issue component. This means the entire IPO proceeds will go to the company.
The price band for the offer was Rs 92-97 per share.
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On July 7, a day before the issue, Glen Industries already raised Rs 17.46 crore, a part of the IPO, via anchor book of 18 lakh shares. HDFC Bank, Aarth AIF Growth Fund, Nine Alps Trust, Sanshi Funds, Mili Capital Investment Trust, and Swyom India Alpha Fund among 12 institutional investors participated in the anchor book.
The Rs 47.73-crore of IPO proceeds will be utilised for setting Up a new manufacturing facility at Jamalpur, West Bengal. And the remainder funds will be used for general corporate purpose.
Glen Industries manufactures diverse range of food packaging and service products used primarily in the food and beverage, and food packaging industries.
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