The ₹350 crore IPO of Glen Industries Ltd, a leading manufacturer of speciality industrial components, closed with record-breaking subscription numbers on its final day, signalling robust investor confidence despite broader market volatility. The public issue, which opened earlier this week, was subscribed 242 times overall, making it one of the most successful IPOs of 2025 so far.
Glen Industries IPO Subscription Details
According to exchange data, Glen Industries’ IPO received:
- Qualified Institutional Buyers (QIB) Portion: Subscribed 189.4 times
- Non-Institutional Investors (NII) Portion: Subscribed 405.7 times
- Retail Individual Investors (RII) Portion: Subscribed 112.6 times
- Overall Subscription: 242 times
The high demand from institutional investors and HNIs reflects strong confidence in the company’s growth potential and industry position.
About Glen Industries Ltd
Founded in 1998, Glen Industries is a leading player in:
- Speciality industrial components manufacturing including high-precision engineered products.
- Servicing sectors like automotive, aerospace, defence, electronics, and renewable energy.
- Operating four manufacturing units in Gujarat and Maharashtra, with export networks spanning over 18 countries.
Financial Performance Snapshot
| Metric | FY23 | FY24 | YoY Growth |
|---|---|---|---|
| Revenue | ₹580 crore | ₹710 crore | +22.4% |
| EBITDA | ₹76 crore | ₹102 crore | +34.2% |
| Net Profit | ₹38 crore | ₹52 crore | +36.8% |
| EBITDA Margin | 13.1% | 14.4% | +130 bps |
The company’s consistent financial growth, expanding export orders, and plans for capacity expansion contributed to robust IPO demand.
IPO Details At A Glance
- IPO Size: ₹350 crore
- Price Band: ₹395-415 per share
- Lot Size: 36 shares
- Lead Managers: Axis Capital, ICICI Securities
- Registrar: Link Intime India Pvt Ltd
- Issue Type: 100% Fresh Issue
Use Of IPO Proceeds
Glen Industries plans to utilise the IPO proceeds for:
- Expansion of manufacturing capacity at its Vadodara plant to meet rising aerospace and EV component demand.
- Debt repayment to improve its balance sheet strength.
- Investment in R&D and precision engineering technology to enhance product innovation capabilities.
- Working capital augmentation to support export order execution and global supply chain partnerships.
Grey Market Premium (GMP) Trends
As of the final subscription day, Glen Industries’ shares were commanding a grey market premium of ₹165-180 per share, indicating a potential listing gain of 35-40% over the issue price if market conditions remain stable.
Allotment and Listing Dates
Investors eagerly tracking the IPO can note the following key dates:
| Event | Date |
|---|---|
| IPO Closing Date | July 11, 2025 |
| Basis of Allotment Finalisation | July 15, 2025 |
| Refund Initiation | July 16, 2025 |
| Shares Credited to Demat Accounts | July 17, 2025 |
| Listing Date on NSE & BSE | July 18, 2025 |
Allotment status can be checked via Link Intime’s online portal or NSE/BSE IPO status check tools after the finalisation date.
Market Expert Views
Rajiv Singh, Analyst at AlphaEdge Securities:
“The 242x subscription indicates massive investor interest driven by Glen’s strong growth visibility, its strategic position in aerospace and EV components, and sectoral tailwinds. However, valuations post-listing will depend on overall market stability.”
Nisha Patel, IPO Strategist:
“SME and mid-cap IPOs with strong manufacturing capabilities, export visibility, and profitability are getting oversubscribed despite index volatility. Investors should assess medium-term holding strategies rather than mere listing gains.”
Sectoral Tailwinds For Glen Industries
The company is poised to benefit from:
- Make in India and defence indigenisation policies
- Rapid expansion of India’s EV ecosystem, requiring precision-engineered lightweight components.
- Aerospace manufacturing growth, with global OEMs increasing India sourcing under China+1 strategies.
Competitive Landscape
Key competitors in this segment include:
- Bharat Forge (large-cap)
- Sundram Fasteners
- Craftsman Automation
- JBM Auto (precision components vertical)
However, Glen Industries’ niche focus in specialty components with a high export ratio differentiates its revenue model from traditional automotive component manufacturers.
Potential Risks Highlighted in RHP
While prospects are strong, investors should note:
- Dependence on raw material price fluctuations impacting margins.
- High client concentration, with top five customers contributing over 55% of revenue.
- Currency volatility risks due to significant export exposure.
- Execution risks in capacity expansion timelines.
Recent IPO Performance In Manufacturing Sector
| Company | IPO Size (₹ Cr) | Subscription (x) | Listing Gain (%) |
|---|---|---|---|
| Caparo Precision | 420 | 190 | +38% |
| Glen Industries | 350 | 242 | TBD |
| Zentech Auto | 310 | 168 | +34% |
The manufacturing sector continues to attract high demand in 2025 due to policy support, PLI schemes, and India’s increasing role in global supply chains.
Investor Sentiment
Retail investors, flush with liquidity from recent IPO gains, have participated heavily in Glen Industries, while institutional subscriptions signal confidence in the company’s ability to scale operations and profitability.
Brokers suggest investors who receive allotment consider their risk-return profile before exiting on listing day, as medium-term holding could deliver higher returns if growth momentum sustains.
Conclusion
Glen Industries’ blockbuster IPO subscription at 242 times reaffirms investor enthusiasm for fundamentally strong, growth-oriented manufacturing companies amidst India’s industrial resurgence. As Dalal Street awaits its listing next week, market participants will closely watch its debut as a bellwether for upcoming mid-cap IPOs in the second half of 2025.
Disclaimer: This news content is based on public filings, market data, and expert analysis. It does not constitute investment advice or a recommendation to buy, sell, or hold securities. Investors are advised to consult SEBI-registered investment advisors and review IPO prospectuses before making investment decisions.
