New Delhi, July 15 (HS): Glen Industries made a strong debut on the stock market today, with shares issued at ₹97 under its IPO listing on the BSE SME platform at ₹157—a 61.86 percent premium. The shares quickly rose to the upper circuit level of ₹164.85, resulting in a 69.95 percent profit for IPO investors on the first day.

The IPO, which opened for subscription from July 8 to 10, raised ₹63.02 crore and was oversubscribed 260.28 times. The QIB portion saw subscriptions of 192.46 times, while NII and retail portions were subscribed 476.25 times and 225.15 times, respectively. However, the employee reserved portion was only 0.36 times subscribed.

A total of 6,496,800 new shares were issued, with proceeds to fund a new manufacturing facility and working capital. Financially, the company has shown strong growth, reporting a net profit of ₹1.49 crore for 2022-23, expected to rise to ₹18.27 crore in 2024-25, alongside a revenue CAGR of over 19 percent, reaching ₹171.28 crore.

Hindusthan Samachar / Jun Sarkar