This Rs 63 crore IPO draw bids for Rs 11,000 cr; two ways to check allotment & latest GMP

GLEN Industries is likely to finalize the basis of allotment of its shares on Friday, July 11. Applicant bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate either on Saturday or latest by Monday, July 14. The eco-friendly products player saw a bumper response from the investors during the three-day bidding process.

The IPO of GLEN Industries was open for bidding between July 08 and July 10. The company sold its shares in the fixed price band of Rs 92-97 apiece with a lot size of 1,200 equity shares. The company raised a total of Rs 63.02 crore via IPO, which was entirely a fresh share sale of 64,96,800 equity shares.

The issue was overall subscribed a whopping 260.28 times, attracting bids worth nearly Rs 11,037 crore. It managed to fetch nearl 2.45 lakh applications. The quota for non-institutional investors (NIIs) was booked 476.25 times, while the portions for qualified institutional bidders (QIBs) and retail investors were subscribed 192.46 times and 251.24 times, respectively.

The grey market premium (GMP) of GLEN Industries has jumped sharply on the back bumper bidding despite the muted broader markets. Last heard, the company was commanding a premium of Rs 45 per share in the unofficial market, suggesting a listing gains of more than 46 per cent for the investors. The GMP stood at Rs 35 a day ago.

Incorporated in 2007, Glen Industries (GIL) is engaged in the manufacturing of eco-friendly food packaging and service products. It specializes in producing thin-wall food containers and compostable straws, serving sectors such as hotels, restaurants, cafés, catering, beverage industry and food packaging.

GYR Capital Advisors is the book-running lead manager of the GLEN Industries IPO, while Kfin Technologies is the registrar for the issue. The market maker for GLEN Industries IPO is Giriraj Stock Broking. Shares of the company shall be listed on BSE SME platform on Tuesday, July 15.

Investors, who had bid for the issue of GLEN Industries, can check the allotment status on the Bombay Stock Exchange (BSE) website:

1) Visit https://www.bseindia.com/investors/appli_check.aspx

2) Under the issue type, click Equity

3) Under the issue name, select GLEN Industries Limited in the dropbox

4) Write the application number

5) Add the PAN card ID

6) Click on 'I am not a Robot' and hit search button  

Investors can also check the allotment status on the online portal of KFin Technologies Limited (https://kosmic.kfintech.com/ipostatus), the registrar to the issue.

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries post issue.

1) Go to the web portal of KFin Technologies Limited

2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized

3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID

4) In application type, select between ASBA and non-ASBA

5) Enter the details of the mode you selected in Step 2

6) For security purposes, fill the captcha accurately

7) Hit submit.