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Glen Industries's IPO oversubscribed by 242 times
Glen Industries, known for making food packaging products, just had its IPO subscribed an incredible 242 times over three days.
Investors rushed in, with non-institutional buyers leading at 350 times subscription, and retail plus institutional investors not far behind.
Clearly, there was a lot of excitement around this one.
Glen to raise ₹63 crore from the IPO
The company will raise ₹63 crore from the IPO at ₹97 per share—all going straight to Glen since it's a fresh issue.
Most of the funds (about ₹48 crore) will help build a new factory in Jamalpur, West Bengal; the rest is for general corporate needs.
Shares are set to be allotted by July 11 and trading kicks off on July 15 on BSE SME.