Glen Industries IPO to open on July 8: HDFC Bank, Aarth AIF among 12 anchor investors buy Rs 17.46 crore shares

Glen Industries IPO to open on July 8

Food containers and compostable straws maker Glen Industries has raised Rs 17.46 crore from 12 institutional investors via anchor book on July 7, a day before the IPO opening.

The Rs 63-crore IPO will open for public subscription on July 8 and close on July 10. The company will finalise IPO share allotment by the end of July 11. The trading in Glen Industries shares will commence on the BSE SME effective July 15.

The Kolkata-based food packaging and service products manufacturer has finalised allocation of 18 lakh shares to anchor investors at a price of Rs 97 per share.

HDFC Bank, SB Opportunities Fund, Mili Capital Investment Trust, Nine Alps Trust, Moneywise Financial Services, Finavenue Capital Trust, Beacon Stone Capital and Paradise Moon Investment Fund acquired 1.03 lakh shares each via anchor book.

Bharat Venture Opportunities Fund is the largest anchor investor, buying 4.12 lakh shares, followed by Swyom India (2.4 lakh shares), Sanshi Fund (2.06 lakh shares), and Aarth AIF Growth Fund (1.15 lakh shares).

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The Glen Industries IPO consists of fresh issue of 64.96 lakh shares. The price band for the offer has been fixed at Rs 92-97 per share.

The company will spend Rs 47.73 crore of IPO proceeds for setting up a new manufacturing facility at Jamalpur, West Bengal. And the remainder funds will be utilised for general corporate purpose, and offer expenses.

Glen Industries offers thin-wall food containers, polylactic acid straws and paper straws to the hotel, restaurant, cafe/catering, beverage and food packaging industries.

GYR Capital Advisors is acting as the sole book running lead manager to the Glen Industries IPO.