Glen Industries Announces IPO with a Bang in Eco-Friendly Packaging Sector

Glen Industries, based in Kolkata, has revealed plans for its initial public offering (IPO), setting a price range of Rs 92-97 per share, aiming to gather Rs 63.02 crore. Public subscription begins on July 8, closing on July 10. The company's shares will subsequently be listed on the BSE's SME platform.

The IPO comprises a fresh issue of up to 64.97 lakh equity shares. The proceeds are allocated for establishing a new manufacturing site in Purba Bardhaman, West Bengal, alongside fulfilling general corporate needs, the company announced.

Since its inception in 2007, Glen Industries has carved a niche in the manufacturing of eco-friendly food packaging products, notable for its thin-wall containers and compostable straws. The firm exports to various international markets, including Europe and the USA. GYR Capital Advisors and Kfin Technologies are overseeing the IPO process.

(With inputs from agencies.)